Dakota Wealth Management Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Dakota Wealth Management trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.1% during the 3rd quarter, Holdings Channel reports. The fund owned 92,055 shares of the natural resource company’s stock after selling 4,964 shares during the period. Dakota Wealth Management’s holdings in Freeport-McMoRan were worth $4,595,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brookstone Capital Management raised its holdings in Freeport-McMoRan by 12.0% during the 1st quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock valued at $386,000 after buying an additional 883 shares during the period. Wealthcare Advisory Partners LLC raised its holdings in Freeport-McMoRan by 57.8% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock valued at $457,000 after buying an additional 3,557 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Freeport-McMoRan by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock valued at $7,412,000 after buying an additional 4,547 shares during the period. New England Research & Management Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter valued at $263,000. Finally, Guidance Capital Inc. raised its holdings in Freeport-McMoRan by 6.7% during the 1st quarter. Guidance Capital Inc. now owns 14,450 shares of the natural resource company’s stock valued at $723,000 after buying an additional 906 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $46.60 on Friday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock’s 50-day moving average is $45.99 and its 200 day moving average is $47.83. The company has a market cap of $66.94 billion, a P/E ratio of 41.24, a PEG ratio of 2.03 and a beta of 1.90. 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 issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research analyst reports. Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group raised 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 research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

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.