Optimum Investment Advisors Sells 700 Shares of Freeport-McMoRan Inc. $FCX

Optimum Investment Advisors lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 25.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,050 shares of the natural resource company’s stock after selling 700 shares during the period. Optimum Investment Advisors’ holdings in Freeport-McMoRan were worth $89,000 as of its most recent SEC filing.

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

Freeport-McMoRan Trading Up 0.3%

FCX opened at $41.34 on Friday. The company has a fifty day moving average price of $42.55 and a two-hundred day moving average price of $41.05. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21. The company has a market cap of $59.36 billion, a P/E ratio of 29.12, a price-to-earnings-growth ratio of 0.97 and a beta of 1.58. The company has a current ratio of 2.45, a quick ratio of 1.21 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The business’s revenue was up 2.7% on a year-over-year basis. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS 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. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $46.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Scotiabank upped their price target on shares of Freeport-McMoRan from $45.00 to $49.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 14th. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Company 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.