Fifth Third Wealth Advisors LLC Sells 1,831 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fifth Third Wealth Advisors LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,632 shares of the natural resource company’s stock after selling 1,831 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $1,429,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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 purchasing an additional 214 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Freeport-McMoRan by 8.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company’s stock valued at $1,365,000 after buying an additional 2,342 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Freeport-McMoRan during the 1st quarter worth $1,472,000. Covestor Ltd increased its holdings in Freeport-McMoRan by 79.3% in the 1st quarter. Covestor Ltd now owns 1,137 shares of the natural resource company’s stock worth $53,000 after acquiring an additional 503 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its stake in Freeport-McMoRan by 13.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 121,898 shares of the natural resource company’s stock valued at $5,732,000 after acquiring an additional 14,727 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 1.3 %

Shares of FCX opened at $44.10 on Wednesday. The firm has a market cap of $63.37 billion, a P/E ratio of 32.19, a P/E/G ratio of 1.84 and a beta of 1.91. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The stock has a 50 day simple moving average of $46.77 and a two-hundred day simple moving average of $47.25. 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 issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business 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. This represents a $0.30 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James lifted 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, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.00.

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.