Sequoia Financial Advisors LLC Increases Stock Position in Freeport-McMoRan Inc. $FCX

Sequoia Financial Advisors LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 45.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,020 shares of the natural resource company’s stock after purchasing an additional 16,646 shares during the period. Sequoia Financial Advisors LLC’s holdings in Freeport-McMoRan were worth $3,116,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. KBC Group NV boosted its holdings in shares of Freeport-McMoRan by 49.0% in the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after buying an additional 73,002 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Freeport-McMoRan in the fourth quarter worth approximately $8,857,000. Franklin Resources Inc. boosted its stake in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Freeport-McMoRan by 205.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after acquiring an additional 213,477 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its stake in shares of Freeport-McMoRan by 175.4% in the 4th quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after purchasing an additional 878,760 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on FCX shares. UBS Group lifted their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Scotiabank upped their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, BNP Paribas Exane increased their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $59.98 on Tuesday. The stock has a 50-day moving average price of $63.89 and a 200 day moving average price of $61.79. The stock has a market capitalization of $86.23 billion, a P/E ratio of 31.91, a P/E/G ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping 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 company had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the firm earned $0.24 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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