Kingsview Wealth Management LLC Cuts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Kingsview Wealth Management LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 37.8% in the third quarter, HoldingsChannel.com reports. The fund owned 5,905 shares of the natural resource company’s stock after selling 3,587 shares during the period. Kingsview Wealth Management LLC’s holdings in Freeport-McMoRan were worth $295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Cerity Partners LLC raised its stake in shares of Freeport-McMoRan by 66.1% during the 3rd quarter. Cerity Partners LLC now owns 176,102 shares of the natural resource company’s stock worth $8,791,000 after purchasing an additional 70,097 shares during the period. Great Valley Advisor Group Inc. purchased a new stake in Freeport-McMoRan during the third quarter worth about $282,000. Nicolet Advisory Services LLC raised its position in Freeport-McMoRan by 2.7% in the third quarter. Nicolet Advisory Services LLC now owns 13,062 shares of the natural resource company’s stock worth $650,000 after acquiring an additional 349 shares during the period. GenTrust LLC boosted its stake in Freeport-McMoRan by 3.6% in the third quarter. GenTrust LLC now owns 50,343 shares of the natural resource company’s stock valued at $2,513,000 after acquiring an additional 1,758 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd grew its position in shares of Freeport-McMoRan by 29.2% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,000,000 shares of the natural resource company’s stock valued at $49,920,000 after acquiring an additional 226,160 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 1.0 %

Freeport-McMoRan stock opened at $44.20 on Friday. The stock has a market cap of $63.51 billion, a P/E ratio of 32.26, a PEG ratio of 17.26 and a beta of 1.91. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The firm’s fifty day moving average price is $46.88 and its 200-day moving average price is $46.95. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.68%. Freeport-McMoRan’s payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research analyst reports. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

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.