Freeport-McMoRan Inc. $FCX Shares Sold by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 36.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,644 shares of the natural resource company’s stock after selling 6,038 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Freeport-McMoRan were worth $461,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Dagco Inc. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $37,000. Beacon Capital Management LLC increased its position in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares in the last quarter. CKW Financial Group acquired a new position in shares of Freeport-McMoRan in the first quarter worth $40,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Freeport-McMoRan in the first quarter worth $42,000. Finally, Hilltop National Bank purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Clarkson Capital reissued a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Raymond James Financial cut their price objective on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Jefferies Financial Group reissued a “buy” rating and set a $46.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. HSBC raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $50.00 in a research note on Friday, October 17th. Finally, BNP Paribas Exane reduced their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Four research 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Stock Up 0.3%

FCX opened at $41.07 on Wednesday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month 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. The stock has a market cap of $58.96 billion, a P/E ratio of 28.92, a P/E/G ratio of 0.94 and a beta of 1.64. The stock’s 50 day moving average price is $41.94 and its 200 day moving average price is $41.72.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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. The company had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business 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 of this dividend was 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%.

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.