Brighton Jones LLC Has $595,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Brighton Jones LLC lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,925 shares of the natural resource company’s stock after selling 1,838 shares during the period. Brighton Jones LLC’s holdings in Freeport-McMoRan were worth $595,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Truist Financial Corp increased its holdings in Freeport-McMoRan by 22.8% during the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after purchasing an additional 25,214 shares in the last quarter. Norden Group LLC grew its holdings in Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares in the last quarter. Vanguard Group Inc. raised its position in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares during the last quarter. SageView Advisory Group LLC bought a new position in Freeport-McMoRan during the 1st quarter valued at $770,000. Finally, Verde Servicos Internacionais S.A. purchased a new position in Freeport-McMoRan during the 3rd quarter worth $5,515,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 0.5 %

FCX stock opened at $46.60 on Friday. The company’s 50 day moving average is $45.99 and its 200 day moving average is $47.83. The stock has a market cap of $66.94 billion, a price-to-earnings ratio of 41.24, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. 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 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Analyst Ratings Changes

Several analysts have recently commented on FCX shares. 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 report on Thursday, September 19th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Profile

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.