HCR Wealth Advisors Sells 20,699 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

HCR Wealth Advisors lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 42.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 28,568 shares of the natural resource company’s stock after selling 20,699 shares during the period. HCR Wealth Advisors’ holdings in Freeport-McMoRan were worth $1,388,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Tompkins Financial Corp grew its stake in shares of Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after buying an additional 203 shares during the period. Proficio Capital Partners LLC increased its holdings in Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after buying an additional 207 shares during the period. Kingsview Wealth Management LLC increased its holdings in Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after buying an additional 214 shares during the period. Finally, MV Capital Management Inc. increased its holdings in Freeport-McMoRan by 38.6% in the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after buying an additional 221 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 3.4 %

NYSE FCX opened at $40.00 on Monday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $45.16 and its 200-day simple moving average is $46.91. The firm has a market cap of $57.47 billion, a PE ratio of 35.40, a P/E/G ratio of 1.88 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.50%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FCX shares. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Company 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.