Envestnet Portfolio Solutions Inc. Sells 2,965 Shares of Freeport-McMoRan Inc. $FCX

Envestnet Portfolio Solutions Inc. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 12.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,418 shares of the natural resource company’s stock after selling 2,965 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Freeport-McMoRan were worth $885,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. Sequoia Financial Advisors LLC grew its position in Freeport-McMoRan by 20.9% in the second quarter. Sequoia Financial Advisors LLC now owns 38,726 shares of the natural resource company’s stock valued at $1,679,000 after acquiring an additional 6,707 shares during the period. MGO One Seven LLC boosted its stake in shares of Freeport-McMoRan by 4.9% in the 2nd quarter. MGO One Seven LLC now owns 21,917 shares of the natural resource company’s stock valued at $950,000 after purchasing an additional 1,029 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Freeport-McMoRan by 4.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,972,908 shares of the natural resource company’s stock worth $219,057,000 after purchasing an additional 227,261 shares during the last quarter. CWM LLC grew its holdings in shares of Freeport-McMoRan by 111.7% in the 2nd quarter. CWM LLC now owns 147,117 shares of the natural resource company’s stock worth $6,378,000 after purchasing an additional 77,620 shares during the last quarter. Finally, Advocate Group LLC increased its position in shares of Freeport-McMoRan by 18.5% during the 2nd quarter. Advocate Group LLC now owns 82,412 shares of the natural resource company’s stock worth $3,573,000 after purchasing an additional 12,844 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.2%

Shares of NYSE FCX opened at $41.18 on Monday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The firm’s 50-day moving average is $42.64 and its 200-day moving average is $40.71. 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 $59.12 billion, a PE ratio of 31.20, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCX. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Clarkson Capital restated a “neutral” rating and issued a $42.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.92.

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.