D.A. Davidson & CO. Cuts Position in Freeport-McMoRan Inc. $FCX

D.A. Davidson & CO. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 214,736 shares of the natural resource company’s stock after selling 10,405 shares during the quarter. D.A. Davidson & CO.’s holdings in Freeport-McMoRan were worth $9,309,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Dagco Inc. purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $37,000. Beacon Capital Management LLC raised its holdings in Freeport-McMoRan by 59.6% in the second 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 purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $42,000. Finally, Hilltop National Bank purchased a new position in Freeport-McMoRan in the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Jefferies Financial Group restated a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 8th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Sanford C. Bernstein dropped their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Finally, BNP Paribas Exane decreased their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Four research 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Trading Down 1.3%

FCX opened at $40.77 on Thursday. The stock has a market capitalization of $58.54 billion, a PE ratio of 30.89, a P/E/G ratio of 0.97 and a beta of 1.58. The firm’s fifty day moving average price is $42.60 and its 200 day moving average price is $40.81. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21.

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, beating the consensus estimate of $0.45 by $0.09. The firm 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 firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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