Shelton Wealth Management LLC Lowers Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Shelton Wealth Management LLC reduced its holdings in Freeport-McMoRan Inc. by 54.6% during the second quarter, now owning 26,180 shares valued at approximately $1.14 million.
• Several analysts have raised their target prices for Freeport-McMoRan, with BNP Paribas Exane increasing it from $52 to $56 and multiple ratings ranging from "Strong Buy" to "Hold."
• Freeport-McMoRan recently reported earnings with a 14.5% year-over-year revenue increase, achieving $7.58 billion and an EPS of $0.54, exceeding analyst estimates.

Shelton Wealth Management LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 54.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,180 shares of the natural resource company's stock after selling 31,534 shares during the quarter. Shelton Wealth Management LLC's holdings in Freeport-McMoRan were worth $1,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Nuveen LLC purchased a new stake in Freeport-McMoRan in the 1st quarter worth approximately $366,959,000. Amundi lifted its stake in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP lifted its stake in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock worth $224,496,000 after purchasing an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after purchasing an additional 2,642,810 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FCX shares. Citigroup increased their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Finally, Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average target price of $51.33.

Freeport-McMoRan Trading Up 0.3%

Shares of NYSE:FCX traded up $0.16 on Monday, hitting $45.10. The company had a trading volume of 11,980,542 shares, compared to its average volume of 15,360,390. The firm's 50-day simple moving average is $43.57 and its two-hundred day simple moving average is $40.45. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $64.75 billion, a price-to-earnings ratio of 34.16, a P/E/G ratio of 0.84 and a beta of 1.59.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) 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.