Nwam LLC Sells 1,544 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

by · The Markets Daily

Nwam LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 117,400 shares of the natural resource company’s stock after selling 1,544 shares during the period. Nwam LLC’s holdings in Freeport-McMoRan were worth $5,861,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FCX. Deane Retirement Strategies Inc. grew its position in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. boosted its stake in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after buying an additional 214 shares during the last quarter. Trust Co. of Vermont grew its holdings in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after buying an additional 228 shares in the last quarter. Fidelis Capital Partners LLC increased its stake in Freeport-McMoRan by 2.0% in the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after acquiring an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC raised its holdings in shares of Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.2 %

Shares of NYSE FCX opened at $43.67 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market cap of $62.75 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.90 and a beta of 1.91. The business’s 50 day moving average price is $46.85 and its 200-day moving average price is $47.20.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the company posted $0.39 EPS. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. Freeport-McMoRan’s payout ratio is 21.90%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FCX shares. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

View Our Latest Research Report on FCX

Freeport-McMoRan Profile

(Free Report)

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.

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