Freeport-McMoRan Inc. $FCX Shares Sold by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 97.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 590 shares of the natural resource company’s stock after selling 20,207 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Freeport-McMoRan were worth $35,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FCX. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the 4th quarter worth approximately $29,000. Finally, SHP Wealth Management acquired a new position in Freeport-McMoRan in the 4th quarter worth approximately $30,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FCX. Wells Fargo & Company reduced their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Scotiabank upped their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Finally, BNP Paribas Exane boosted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $68.95.

Freeport-McMoRan Stock Down 2.6%

Shares of FCX stock opened at $63.31 on Friday. The stock has a 50 day moving average of $63.59 and a 200 day moving average of $62.33. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a market cap of $91.01 billion, a P/E ratio of 33.67, a P/E/G ratio of 0.64 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.72 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Key Headlines Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title
• Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title
• Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title
• Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title
• Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title
• Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title

Freeport-McMoRan 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.