Envestnet Asset Management Inc. Purchases 78,018 Shares of Freeport-McMoRan Inc. $FCX

Envestnet Asset Management Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% during the second quarter, HoldingsChannel.com reports. The fund owned 1,547,779 shares of the natural resource company’s stock after buying an additional 78,018 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Freeport-McMoRan were worth $67,096,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on FCX shares. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 8th. Scotiabank lifted their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a research note on Tuesday. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. UBS Group set a $48.00 target price on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research note on Friday, October 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.72 on Friday. The firm has a market cap of $59.90 billion, a PE ratio of 29.38, a price-to-earnings-growth ratio of 0.94 and a beta of 1.58. The firm’s fifty day moving average is $42.55 and its 200-day moving average is $41.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.21.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 21.13%.

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.