Quadrant Private Wealth Management LLC Has $2.74 Million Stock Position in Freeport-McMoRan Inc. $FCX

Quadrant Private Wealth Management LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% during the second quarter, Holdings Channel reports. The firm owned 63,279 shares of the natural resource company’s stock after acquiring an additional 3,731 shares during the period. Quadrant Private Wealth Management LLC’s holdings in Freeport-McMoRan were worth $2,743,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in Freeport-McMoRan in the 1st quarter valued at about $366,959,000. Amundi lifted its holdings in shares of Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted its position in shares of Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after acquiring an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the last quarter. Finally, Mizuho Markets Cayman LP bought a new position in Freeport-McMoRan in the second quarter valued at approximately $159,147,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. BNP Paribas Exane lowered their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Sanford C. Bernstein reduced their price objective on Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Clarkson Capital reiterated a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Finally, Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a report on Wednesday, October 8th. Four 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, the stock has an average rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $39.78 on Friday. The stock has a 50-day moving average price of $42.09 and a two-hundred day moving average price of $41.57. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a market capitalization of $57.12 billion, a PE ratio of 28.02, a P/E/G ratio of 0.94 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the previous year, the business posted $0.38 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.13%.

About Freeport-McMoRan

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.