Daymark Wealth Partners LLC Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Daymark Wealth Partners LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 13.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,764 shares of the natural resource company’s stock after selling 1,307 shares during the period. Daymark Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $426,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of FCX. Assetmark Inc. lifted its position in Freeport-McMoRan by 71.3% during the fourth quarter. Assetmark Inc. now owns 1,555 shares of the natural resource company’s stock valued at $66,000 after acquiring an additional 647 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in Freeport-McMoRan by 8.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 26,699 shares of the natural resource company’s stock valued at $1,127,000 after acquiring an additional 2,150 shares during the last quarter. Focus Financial Network Inc. ADV purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $1,383,000. TFO Wealth Partners LLC lifted its position in Freeport-McMoRan by 390.7% during the fourth quarter. TFO Wealth Partners LLC now owns 11,286 shares of the natural resource company’s stock valued at $480,000 after acquiring an additional 8,986 shares during the last quarter. Finally, Bank of Nova Scotia lifted its position in Freeport-McMoRan by 20.0% during the fourth quarter. Bank of Nova Scotia now owns 597,513 shares of the natural resource company’s stock valued at $25,435,000 after acquiring an additional 99,662 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCX. Scotiabank decreased their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Raymond James upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Down 1.1 %

NYSE:FCX opened at $51.34 on Friday. The firm has a market capitalization of $73.77 billion, a P/E ratio of 45.43, a PEG ratio of 2.89 and a beta of 1.89. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company’s fifty day moving average price is $43.65 and its 200-day moving average price is $47.44. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.58%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.