Wealthfront Advisers LLC Cuts Position in Freeport-McMoRan Inc. $FCX

Wealthfront Advisers LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 141,219 shares of the natural resource company’s stock after selling 25,219 shares during the period. Wealthfront Advisers LLC’s holdings in Freeport-McMoRan were worth $6,122,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Nuveen LLC bought a new stake in Freeport-McMoRan in the first quarter worth $366,959,000. Amundi raised its position in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP raised its position in shares of Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after purchasing an additional 5,665,000 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.1%

FCX stock opened at $41.16 on Wednesday. The company has a market cap of $59.10 billion, a price-to-earnings ratio of 28.99, a P/E/G ratio of 0.93 and a beta of 1.58. 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 business’s 50-day moving average is $42.53 and its two-hundred day moving average is $41.22. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.21.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating 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 analyst estimates of $6.74 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts forecast 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. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FCX. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Scotiabank upped their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a research report on Tuesday. Morgan Stanley reduced their target price on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Finally, BNP Paribas Exane decreased their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

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.