Marcum Wealth LLC Has $472,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Marcum Wealth LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 12,382 shares of the natural resource company’s stock after selling 325 shares during the period. Marcum Wealth LLC’s holdings in Freeport-McMoRan were worth $472,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FCX. Mountaineer Partners Management LLC raised its stake in shares of Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Franklin Resources Inc. raised its position in Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after buying an additional 2,255,529 shares during the period. Fisher Asset Management LLC grew its position in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Freeport-McMoRan by 5,249.5% in the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after buying an additional 1,316,261 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $39.47 on Wednesday. The business has a 50-day simple moving average of $41.83 and a 200 day simple moving average of $44.53. The firm has a market capitalization of $56.72 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 2.90 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FCX shares. Scotiabank cut their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group decreased their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $52.96.

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.