Blair William & Co. IL Sells 16,735 Shares of Freeport-McMoRan Inc. $FCX

Blair William & Co. IL lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 23.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,092 shares of the natural resource company’s stock after selling 16,735 shares during the quarter. Blair William & Co. IL’s holdings in Freeport-McMoRan were worth $2,432,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Beacon Capital Management LLC grew its position in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $37,000. Hilltop National Bank acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at $43,000. CKW Financial Group acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $42,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FCX shares. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada cut their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, September 24th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Finally, Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.56.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $42.01 on Wednesday. The firm’s 50 day simple moving average is $42.59 and its 200 day simple moving average is $40.59. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $60.31 billion, a PE ratio of 31.82, a price-to-earnings-growth ratio of 0.98 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.12.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

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.