Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,935 shares of the natural resource company’s stock after buying an additional 2,702 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Freeport-McMoRan were worth $1,552,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Belpointe Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares during the last quarter. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares during the period. Oaktree Capital Management LP grew its stake in Freeport-McMoRan by 7.8% during the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after acquiring an additional 211,608 shares in the last quarter. Norden Group LLC increased its holdings in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Scotiabank lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, July 24th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $49.50 to $62.00 in a research note on Friday, June 21st. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Bernstein Bank raised their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Price Performance

Shares of FCX traded up $0.07 during mid-day trading on Tuesday, reaching $41.63. The company had a trading volume of 2,776,672 shares, compared to its average volume of 13,599,764. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company’s 50-day moving average is $47.40 and its 200-day moving average is $46.32. The company has a market capitalization of $59.80 billion, a P/E ratio of 36.78, a P/E/G ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the business earned $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

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.