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

MinichMacGregor Wealth Management LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. Deane Retirement Strategies Inc. increased its position in Freeport-McMoRan by 0.4% in the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after purchasing an additional 201 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after acquiring an additional 203 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in Freeport-McMoRan by 4.3% in the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after acquiring an additional 214 shares during the last quarter. Koshinski Asset Management Inc. grew its position in Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after acquiring an additional 214 shares in the last quarter. Finally, Trust Co. of Vermont increased its stake in shares of Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FCX shares. Scotiabank reduced their price objective on shares of 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 upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. boosted 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. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded up $0.26 during trading hours 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 company has a market cap of $66.86 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 1.95 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The business’s fifty day moving average is $46.22 and its two-hundred day moving average is $47.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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