MinichMacGregor Wealth Management LLC Has $533,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

MinichMacGregor Wealth Management LLC lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% during the 3rd quarter, Holdings Channel reports. The firm owned 10,671 shares of the natural resource company’s stock after selling 670 shares during the quarter. MinichMacGregor Wealth Management LLC’s holdings in Freeport-McMoRan were worth $533,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. NorthCrest Asset Manangement LLC grew its stake in Freeport-McMoRan by 33.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock worth $21,572,000 after buying an additional 107,852 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after acquiring an additional 35,972 shares during the last quarter. Truist Financial Corp increased its holdings in Freeport-McMoRan by 22.8% during the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after purchasing an additional 25,214 shares in the last quarter. Vanguard Group Inc. raised its position in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new position in Freeport-McMoRan in the first quarter worth $770,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FCX shares. Scotiabank lowered their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. 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. Finally, Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Six investment 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 stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Up 0.6 %

Freeport-McMoRan stock traded up $0.26 during midday trading on Tuesday, reaching $46.53. The stock had a trading volume of 912,280 shares, compared to its average volume of 12,879,773. The stock has a market capitalization of $66.86 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 1.95 and a beta of 1.91. The firm’s fifty day simple moving average is $46.22 and its 200-day simple moving average is $47.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results 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 net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. Freeport-McMoRan’s payout ratio is 21.90%.

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.