Securian Asset Management Inc. Reduces Position in Freeport-McMoRan Inc. $FCX

Securian Asset Management Inc. trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 75,005 shares of the natural resource company’s stock after selling 1,051 shares during the quarter. Securian Asset Management Inc.’s holdings in Freeport-McMoRan were worth $3,251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FCX. Dagco Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately $37,000. Beacon Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares during the period. CKW Financial Group acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $42,000. Finally, Hilltop National Bank acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $43,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.36 on Wednesday. The company has a market cap of $59.38 billion, a P/E ratio of 31.33, a P/E/G ratio of 0.99 and a beta of 1.58. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.12. The business has a fifty day simple moving average of $42.64 and a 200-day simple moving average of $40.81.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a $0.15 dividend. 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 payout ratio is currently 22.73%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target for the company. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Johnson Rice reduced their price target on Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Clarkson Capital restated a “neutral” rating and issued a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Finally, Scotiabank raised their price target on Freeport-McMoRan from $45.00 to $49.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 14th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

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.