Lyell Wealth Management LP Has $6.04 Million Position in Freeport-McMoRan Inc. $FCX

Lyell Wealth Management LP trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,365 shares of the natural resource company’s stock after selling 1,873 shares during the quarter. Lyell Wealth Management LP’s holdings in Freeport-McMoRan were worth $6,041,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Strengthening Families & Communities LLC increased its holdings in shares of Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after buying an additional 261 shares in the last quarter. Cypress Wealth Services LLC increased its holdings in Freeport-McMoRan by 4.6% in the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock worth $270,000 after purchasing an additional 273 shares in the last quarter. Kestra Private Wealth Services LLC raised its position in Freeport-McMoRan by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after purchasing an additional 275 shares during the last quarter. Princeton Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after purchasing an additional 275 shares in the last quarter. Finally, Capital Investment Advisory Services LLC boosted its stake in shares of Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after purchasing an additional 278 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, September 30th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $46.92.

Freeport-McMoRan Trading Down 1.2%

NYSE:FCX opened at $41.18 on Monday. The firm’s fifty day moving average is $42.64 and its 200-day moving average is $40.71. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.12. The firm has a market cap of $59.12 billion, a P/E ratio of 31.20, a P/E/G ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during 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%. Freeport-McMoRan’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio 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.