Quantum Private Wealth LLC Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Quantum Private Wealth LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.5% in the second quarter, HoldingsChannel.com reports. The fund owned 14,093 shares of the natural resource company’s stock after selling 1,829 shares during the period. Quantum Private Wealth LLC’s holdings in Freeport-McMoRan were worth $611,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Dagco Inc. purchased a new stake in Freeport-McMoRan during the first quarter worth about $37,000. Beacon Capital Management LLC grew its holdings in shares of 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 purchasing an additional 327 shares in the last quarter. CKW Financial Group acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $42,000. Finally, Hilltop National Bank acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $43,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.5%

Shares of NYSE FCX opened at $39.81 on Friday. The business has a 50-day moving average of $41.09 and a two-hundred day moving average of $41.87. The company has a market capitalization of $57.16 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating 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 business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter in the prior year, the business posted $0.38 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent research reports. Jefferies Financial Group reissued a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research note on Wednesday. HSBC lowered their target price on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday. Clarkson Capital upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Wednesday. Finally, Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Buy” and an average price target of $46.73.

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.