Evergreen Capital Management LLC Has $3.15 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Evergreen Capital Management LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 22.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 64,833 shares of the natural resource company’s stock after selling 19,131 shares during the quarter. Evergreen Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,151,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $25,000. Hazlett Burt & Watson Inc. raised its holdings in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter worth $26,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the first quarter valued at about $26,000. Finally, RFP Financial Group LLC grew its position in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 426 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $45.14 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market cap of $64.84 billion, a P/E ratio of 39.95, a PEG ratio of 1.94 and a beta of 1.89. The company’s 50-day simple moving average is $43.45 and its 200 day simple moving average is $47.26.

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, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the company posted $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid 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 1.33%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Ratings Changes

Several research firms recently weighed in on FCX. Deutsche Bank Aktiengesellschaft boosted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Scotiabank cut their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Morgan Stanley dropped their target price 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.93.

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.