Private Wealth Partners LLC Lowers Stock Position in Freeport-McMoRan Inc. $FCX

Private Wealth Partners LLC cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 214,382 shares of the natural resource company’s stock after selling 32,685 shares during the quarter. Private Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $9,293,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. Dagco Inc. acquired a new position in Freeport-McMoRan during the first quarter worth $37,000. Beacon Capital Management LLC raised its position in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the period. CKW Financial Group acquired a new position in Freeport-McMoRan during the first quarter worth $40,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the first quarter worth $42,000. Finally, Hilltop National Bank acquired a new position in Freeport-McMoRan during the second quarter worth $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $41.04 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The stock has a market cap of $58.92 billion, a P/E ratio of 28.90, a PEG ratio of 0.95 and a beta of 1.58. The company has a 50-day moving average price of $42.54 and a 200 day moving average price of $41.15. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period last year, the business earned $0.38 earnings per share. Freeport-McMoRan’s revenue was up 2.7% compared to the same quarter last year. Sell-side 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 announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Dbs Bank reduced their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Royal Bank Of Canada reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Finally, Citigroup upgraded shares of 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 assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

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.