Envestnet Asset Management Inc. Acquires 32,706 Shares of Freeport-McMoRan Inc. $FCX

Envestnet Asset Management Inc. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,580,485 shares of the natural resource company’s stock after buying an additional 32,706 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Freeport-McMoRan were worth $61,987,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Steigerwald Gordon & Koch Inc. bought a new position in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. Twin Peaks Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the second quarter valued at approximately $28,000. Salomon & Ludwin LLC grew its holdings in Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in Freeport-McMoRan during the third quarter valued at $36,000. Finally, Proffitt & Goodson Inc. increased its position in Freeport-McMoRan by 39.8% in the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after buying an additional 278 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $63.65 on Tuesday. The firm’s 50 day simple moving average is $54.42 and its 200 day simple moving average is $46.32. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $91.40 billion, a PE ratio of 42.15, a price-to-earnings-growth ratio of 0.70 and a beta of 1.47. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $69.44.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio is currently 19.87%.

Analysts Set New Price Targets

FCX has been the topic of a number of recent research reports. Morgan Stanley set a $70.00 price target on Freeport-McMoRan in a research report on Tuesday, January 27th. BNP Paribas Exane dropped their price objective on shares of Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, December 5th. Wells Fargo & Company increased their target price on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. BMO Capital Markets lifted their target price on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Finally, Citigroup upped their price target on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.40.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 28,423 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at approximately $5,053,059.06. This represents a 21.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares in the company, valued at $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.