Avidian Wealth Enterprises LLC Decreases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Avidian Wealth Enterprises LLC lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 88.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,064 shares of the natural resource company’s stock after selling 40,763 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Freeport-McMoRan were worth $253,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Marks Group Wealth Management Inc grew its holdings in shares of Freeport-McMoRan by 6.5% during the third quarter. Marks Group Wealth Management Inc now owns 4,919 shares of the natural resource company’s stock valued at $246,000 after buying an additional 299 shares during the last quarter. North Star Investment Management Corp. grew its stake in Freeport-McMoRan by 34.3% during the 3rd quarter. North Star Investment Management Corp. now owns 67,807 shares of the natural resource company’s stock valued at $3,385,000 after purchasing an additional 17,315 shares during the last quarter. Sentry Investment Management LLC increased its holdings in shares of Freeport-McMoRan by 4.1% in the third quarter. Sentry Investment Management LLC now owns 17,727 shares of the natural resource company’s stock valued at $885,000 after purchasing an additional 699 shares during the period. Greenwood Capital Associates LLC raised its stake in shares of Freeport-McMoRan by 61.3% in the third quarter. Greenwood Capital Associates LLC now owns 92,695 shares of the natural resource company’s stock worth $4,627,000 after purchasing an additional 35,232 shares during the last quarter. Finally, Catalyst Capital Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 25.4% during the third quarter. Catalyst Capital Advisors LLC now owns 18,678 shares of the natural resource company’s stock worth $932,000 after purchasing an additional 3,778 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Up 3.6 %

Shares of NYSE FCX opened at $48.58 on Friday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company’s 50-day simple moving average is $46.41 and its 200-day simple moving average is $47.60. The firm has a market cap of $69.80 billion, a price-to-earnings ratio of 35.46, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 EPS. Equities analysts predict that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. 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 0.62%. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.