Lyell Wealth Management LP Has $6.31 Million Holdings in Freeport-McMoRan Inc. $FCX

Lyell Wealth Management LP trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 11.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 124,165 shares of the natural resource company’s stock after selling 16,153 shares during the period. Lyell Wealth Management LP’s holdings in Freeport-McMoRan were worth $6,306,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $33,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $38,000. Modus Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $40,000. Key Financial Inc raised its position in shares of Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 202 shares during the period. Finally, Laurel Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $43,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on FCX shares. UBS Group increased their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. CICC Research cut their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Raymond James Financial lowered their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Finally, Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Two investment 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.72.

Freeport-McMoRan Price Performance

Shares of FCX opened at $66.32 on Friday. The stock has a market capitalization of $95.34 billion, a P/E ratio of 35.28, a P/E/G ratio of 0.75 and a beta of 1.35. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The company has a 50 day moving average of $64.10 and a 200-day moving average of $58.98. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

About Freeport-McMoRan

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.