Vestmark Advisory Solutions Inc. Sells 3,127 Shares of Freeport-McMoRan Inc (NYSE:FCX)
Vestmark Advisory Solutions Inc. trimmed its position in Freeport-McMoRan Inc (NYSE:FCX) by 5.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,768 shares of the natural resource company’s stock after selling 3,127 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Freeport-McMoRan were worth $562,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. AdvisorNet Financial Inc grew its position in Freeport-McMoRan by 908.6% during the third quarter. AdvisorNet Financial Inc now owns 3,036 shares of the natural resource company’s stock worth $29,000 after buying an additional 2,735 shares in the last quarter. Venturi Wealth Management LLC bought a new stake in Freeport-McMoRan during the third quarter worth $30,000. Citizens Financial Group Inc RI lifted its stake in Freeport-McMoRan by 6,082.1% during the third quarter. Citizens Financial Group Inc RI now owns 3,462 shares of the natural resource company’s stock worth $33,000 after purchasing an additional 3,406 shares during the last quarter. Rational Advisors LLC lifted its stake in Freeport-McMoRan by 107.0% during the second quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 1,686 shares during the last quarter. Finally, Flagship Harbor Advisors LLC lifted its stake in Freeport-McMoRan by 63.9% during the third quarter. Flagship Harbor Advisors LLC now owns 4,282 shares of the natural resource company’s stock worth $40,000 after purchasing an additional 1,669 shares during the last quarter. Institutional investors own 72.71% of the company’s stock.
Several equities research analysts have weighed in on the company. Raymond James restated a “market perform” rating and set a $11.50 target price on shares of Freeport-McMoRan in a research note on Thursday, October 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and cut their target price for the stock from $13.00 to $12.00 in a research note on Thursday, October 10th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Wednesday. Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $12.00 to $14.00 in a research note on Wednesday, July 24th. Finally, Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a research note on Monday, September 23rd. Eight investment 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. The company has a consensus rating of “Buy” and an average target price of $13.10.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.01). The company had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.49 billion. Freeport-McMoRan had a positive return on equity of 0.91% and a negative net margin of 0.22%. Freeport-McMoRan’s revenue was down 32.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. Equities analysts anticipate that Freeport-McMoRan Inc will post 0.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.85%. The ex-dividend date was Friday, October 11th. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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