Quotient Wealth Partners LLC Decreases Stock Holdings in Freeport-McMoRan Inc. $FCX

Quotient Wealth Partners LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,819 shares of the natural resource company’s stock after selling 452 shares during the quarter. Quotient Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $339,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FCX. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at about $37,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares in the last quarter. CKW Financial Group acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $42,000. Finally, Hilltop National Bank acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Dbs Bank cut their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective on the stock. Raymond James Financial cut their price objective on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday. Finally, CICC Research cut their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.92.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.18 on Friday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $50.12. The company’s 50 day moving average is $42.64 and its 200 day moving average is $40.66. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market cap of $59.12 billion, a PE ratio of 31.20, a price-to-earnings-growth ratio of 0.94 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.46 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

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.