Sequoia Financial Advisors LLC Raises Holdings in Freeport-McMoRan Inc. $FCX

Sequoia Financial Advisors LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 45.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,020 shares of the natural resource company’s stock after buying an additional 16,646 shares during the period. Sequoia Financial Advisors LLC’s holdings in Freeport-McMoRan were worth $3,116,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Steph & Co. boosted its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $29,000. SHP Wealth Management purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at $30,000. Finally, JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan in the third quarter valued at $33,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FCX shares. Wells Fargo & Company decreased their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Citigroup reduced their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. BMO Capital Markets upped their target price on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. CICC Research dropped their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Finally, UBS Group boosted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.63.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $59.98 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a market capitalization of $86.23 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company’s 50-day moving average is $63.89 and its 200 day moving average is $61.79.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts forecast that Freeport-McMoRan Inc. will post 2.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.