Malaga Cove Capital LLC Decreases Stock Position in Freeport-McMoRan Inc. $FCX

Malaga Cove Capital LLC lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,765 shares of the natural resource company’s stock after selling 1,951 shares during the period. Malaga Cove Capital LLC’s holdings in Freeport-McMoRan were worth $2,287,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of FCX. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Freeport-McMoRan by 3.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,469,761 shares of the natural resource company’s stock worth $55,645,000 after acquiring an additional 42,664 shares during the period. TD Private Client Wealth LLC lifted its stake in shares of Freeport-McMoRan by 8.7% during the 1st quarter. TD Private Client Wealth LLC now owns 12,868 shares of the natural resource company’s stock worth $487,000 after purchasing an additional 1,031 shares during the period. Finally, Financial Counselors Inc. boosted its holdings in shares of Freeport-McMoRan by 22.4% during the first quarter. Financial Counselors Inc. now owns 10,989 shares of the natural resource company’s stock worth $416,000 after purchasing an additional 2,014 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 3.9%

FCX opened at $38.63 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The company has a market capitalization of $55.46 billion, a PE ratio of 27.20, a P/E/G ratio of 0.94 and a beta of 1.64. The stock’s fifty day moving average is $42.18 and its 200-day moving average is $41.53. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.21.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.6%. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, September 24th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. CICC Research dropped their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $50.00 in a research note on Friday, October 17th. Finally, BNP Paribas Exane cut their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.01.

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.