Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Avitas Wealth Management LLC

Avitas Wealth Management LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,634 shares of the natural resource company’s stock after selling 339 shares during the quarter. Avitas Wealth Management LLC’s holdings in Freeport-McMoRan were worth $274,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter valued at approximately $26,000. LRI Investments LLC acquired a new position in Freeport-McMoRan during the 1st quarter valued at approximately $26,000. Versant Capital Management Inc boosted its holdings in shares of Freeport-McMoRan by 209.9% in the 2nd quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock valued at $32,000 after acquiring an additional 445 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the last quarter. Finally, Triad Wealth Partners LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $35,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on FCX. UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $49.50 to $62.00 in a report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Price Performance

FCX traded up $1.36 during midday trading on Friday, hitting $44.66. 11,801,118 shares of the company traded hands, compared to its average volume of 13,436,732. The business has a 50 day simple moving average of $46.30 and a two-hundred day simple moving average of $46.45. The company has a market capitalization of $64.15 billion, a price-to-earnings ratio of 39.52, a PEG ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 earnings per share. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.34%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.