Lido Advisors LLC Sells 9,089 Shares of Freeport-McMoRan Inc. $FCX

Lido Advisors LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,266 shares of the natural resource company’s stock after selling 9,089 shares during the period. Lido Advisors LLC’s holdings in Freeport-McMoRan were worth $3,013,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the last quarter. State Street Corp increased its stake in shares of Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the last quarter. Franklin Resources Inc. raised its holdings 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 buying an additional 8,891,743 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Freeport-McMoRan by 10.1% during the 4th quarter. Morgan Stanley now owns 34,262,241 shares of the natural resource company’s stock worth $1,740,179,000 after buying an additional 3,130,046 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Trading Down 1.5%

Shares of NYSE FCX opened at $62.54 on Friday. The firm has a 50 day moving average price of $63.58 and a two-hundred day moving average price of $62.33. The stock has a market cap of $89.90 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.13 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Freeport-McMoRan in a research note on Thursday. 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. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. HSBC lifted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $70.18.

Freeport-McMoRan Company Profile

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.