Sequoia Financial Advisors LLC Increases Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Sequoia Financial Advisors LLC increased its stake in Freeport-McMoRan Inc. by 20.9%, owning 38,726 shares valued at approximately $1.68 million as of the latest SEC filing.
• Analysts have mixed opinions on Freeport-McMoRan, with BMO Capital Markets lowering its price target from $54 to $48, while Sanford C. Bernstein upgraded the stock to "outperform" with a price target of $48.50.
• The company reported a 14.5% year-over-year revenue increase, with quarterly revenue at $7.58 billion and earnings per share beating estimates at $0.54.

Sequoia Financial Advisors LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 20.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,726 shares of the natural resource company's stock after buying an additional 6,707 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Freeport-McMoRan were worth $1,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dagco Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at about $37,000. Beacon Capital Management LLC increased its position in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after buying an additional 327 shares during the period. CKW Financial Group purchased a new position in shares of Freeport-McMoRan during the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at about $42,000. Finally, Hilltop National Bank bought a new stake in Freeport-McMoRan during the second quarter worth about $43,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Scotiabank reissued a "sector perform" rating and set a $45.00 price objective (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and set a $48.50 price objective on the stock in a research note on Thursday, September 25th. Wells Fargo & Company raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Wednesday, October 8th. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 24th. Finally, HSBC dropped their price objective on shares of Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating on the stock in a research note on Thursday, September 25th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $46.56.

Freeport-McMoRan Stock Performance

FCX stock opened at $41.66 on Friday. The stock has a market capitalization of $59.81 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $50.12. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock's 50 day simple moving average is $42.65 and its 200 day simple moving average is $40.62.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio is 22.73%.

Freeport-McMoRan Profile

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.

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