Signature Estate & Investment Advisors LLC Has $271,000 Holdings in Freeport-McMoRan Inc. $FCX

Signature Estate & Investment Advisors LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 96.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,908 shares of the natural resource company’s stock after selling 203,212 shares during the period. Signature Estate & Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $271,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC grew its holdings in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at about $560,000. Concurrent Investment Advisors LLC raised its stake in shares of Freeport-McMoRan by 41.2% in the second quarter. Concurrent Investment Advisors LLC now owns 48,088 shares of the natural resource company’s stock worth $2,085,000 after acquiring an additional 14,033 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Freeport-McMoRan by 22.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 149,162 shares of the natural resource company’s stock worth $6,466,000 after purchasing an additional 27,570 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.6%

Shares of Freeport-McMoRan stock opened at $63.26 on Wednesday. The business has a fifty day simple moving average of $54.83 and a 200 day simple moving average of $46.45. The stock has a market cap of $90.84 billion, a PE ratio of 41.89, a price-to-earnings-growth ratio of 0.74 and a beta of 1.47. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.44.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Wall Street Analyst Weigh In

Several analysts have recently commented on FCX shares. CICC Research increased their price target on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a research note on Monday, January 26th. HSBC increased their price objective on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. BNP Paribas Exane dropped their target price on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, December 5th. Morgan Stanley set a $70.00 price target on Freeport-McMoRan in a research note on Tuesday, January 27th. Finally, Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.40.

Insider Activity at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the completion of the transaction, the chief accounting officer owned 105,294 shares in the company, valued at approximately $5,053,059.06. The trade was a 21.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ellie L. Mikes sold 9,572 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. The trade was a 19.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.79% of the stock is owned by company insiders.

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.