Envestnet Portfolio Solutions Inc. Has $885,000 Stock Holdings in Freeport-McMoRan Inc. $FCX

Envestnet Portfolio Solutions Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.7% in the second quarter, Holdings Channel reports. The firm owned 20,418 shares of the natural resource company’s stock after selling 2,965 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Freeport-McMoRan were worth $885,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Beacon Capital Management LLC increased its stake in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares in the last quarter. Dagco Inc. bought a new stake in Freeport-McMoRan in the 1st quarter valued at $37,000. Hilltop National Bank acquired a new position in Freeport-McMoRan in the 2nd quarter worth $43,000. CKW Financial Group acquired a new position in Freeport-McMoRan in the 1st quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan during the 1st quarter worth about $42,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FCX. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. BMO Capital Markets reduced their price target on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $46.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Finally, Royal Bank Of Canada reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a report on Wednesday, October 1st. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Trading Down 1.2%

NYSE FCX opened at $41.18 on Monday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $50.12. 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 stock has a 50 day moving average of $42.64 and a 200-day moving average of $40.71. The company has a market cap of $59.12 billion, a PE ratio of 31.20, a PEG ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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