SeaCrest Wealth Management LLC Decreases Position in Freeport-McMoRan Inc. $FCX

Key Points

• SeaCrest Wealth Management LLC reduced its holdings in Freeport-McMoRan Inc. by 32.9%, selling 5,626 shares during the second quarter, leaving them with a total of 11,469 shares worth approximately $497,000.
• Multiple hedge funds have recently acquired new positions in Freeport-McMoRan, indicating a trend where institutional investors own 80.77% of the company's stock.
• Freeport-McMoRan reported an EPS of $0.54 for the last quarter, exceeding analysts' expectations and reflecting a 14.5% year-over-year revenue increase.

SeaCrest Wealth Management LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 32.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,469 shares of the natural resource company's stock after selling 5,626 shares during the quarter. SeaCrest Wealth Management LLC's holdings in Freeport-McMoRan were worth $497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of FCX. City Holding Co. purchased a new position in shares of Freeport-McMoRan in the first quarter valued at about $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $35,000. Dagco Inc. purchased a new position in shares of Freeport-McMoRan in the first quarter valued at about $37,000. CKW Financial Group purchased a new position in shares of Freeport-McMoRan in the first quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the first quarter valued at about $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FCX shares. UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Citigroup lifted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $51.33.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $44.96 on Monday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a 50-day moving average price of $43.57 and a 200-day moving average price of $40.45. The firm has a market capitalization of $64.55 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 EPS. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.