Claro Advisors LLC Lowers Holdings in Freeport-McMoRan Inc. $FCX

Claro Advisors LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 32.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,592 shares of the natural resource company’s stock after selling 2,712 shares during the quarter. Claro Advisors LLC’s holdings in Freeport-McMoRan were worth $242,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC boosted its stake in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares in the last quarter. Dagco Inc. purchased a new position in Freeport-McMoRan in the first quarter worth about $37,000. Hilltop National Bank bought a new position in shares of Freeport-McMoRan in the second quarter worth approximately $43,000. NewSquare Capital LLC lifted its stake in shares of Freeport-McMoRan by 74.9% in the second quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock worth $43,000 after buying an additional 429 shares in the last quarter. Finally, CKW Financial Group purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $40,000. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FCX. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Wednesday, October 8th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a report on Tuesday, September 30th. Raymond James Financial decreased their price target on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. UBS Group set a $48.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Four equities research 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. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Stock Down 3.9%

FCX stock opened at $38.63 on Friday. The company has a market cap of $55.46 billion, a price-to-earnings ratio of 27.20, a P/E/G ratio of 0.94 and a beta of 1.64. 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 $42.18 and its two-hundred day moving average is $41.53. 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 announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (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 company had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same period in the previous year, the business posted $0.38 earnings per share. The firm’s quarterly revenue 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.6%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

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.