Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Lowered by Profund Advisors LLC

Profund Advisors LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 35,730 shares of the natural resource company’s stock after selling 2,168 shares during the period. Profund Advisors LLC’s holdings in Freeport-McMoRan were worth $1,736,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Alaethes Wealth LLC grew its position in Freeport-McMoRan by 1.5% in the 2nd quarter. Alaethes Wealth LLC now owns 34,400 shares of the natural resource company’s stock valued at $1,672,000 after buying an additional 493 shares in the last quarter. Legacy Financial Advisors Inc. bought a new position in Freeport-McMoRan in the 2nd quarter valued at about $243,000. Ensign Peak Advisors Inc grew its position in Freeport-McMoRan by 88.0% in the 2nd quarter. Ensign Peak Advisors Inc now owns 919,779 shares of the natural resource company’s stock valued at $44,701,000 after buying an additional 430,442 shares in the last quarter. Nkcfo LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at about $243,000. Finally, Summit Trail Advisors LLC grew its position in Freeport-McMoRan by 50.5% in the 2nd quarter. Summit Trail Advisors LLC now owns 9,028 shares of the natural resource company’s stock valued at $439,000 after buying an additional 3,030 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Raymond James decreased their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Morgan Stanley cut 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. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank cut their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.79.

Freeport-McMoRan Stock Down 1.4 %

Shares of NYSE:FCX opened at $44.53 on Monday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The company’s fifty day moving average is $43.55 and its 200-day moving average is $47.23. The company has a market capitalization of $63.97 billion, a PE ratio of 39.41, a P/E/G ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Freeport-McMoRan 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.