Avitas Wealth Management LLC Has $261,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Avitas Wealth Management LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,232 shares of the natural resource company’s stock after selling 402 shares during the quarter. Avitas Wealth Management LLC’s holdings in Freeport-McMoRan were worth $261,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. NorthCrest Asset Manangement LLC boosted its holdings in Freeport-McMoRan by 33.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock worth $21,572,000 after purchasing an additional 107,852 shares during the last quarter. Truist Financial Corp boosted its holdings in Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after purchasing an additional 25,214 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after purchasing an additional 35,972 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new position in Freeport-McMoRan during the first quarter worth about $770,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $45.97 on Thursday. The company’s 50 day moving average is $46.14 and its 200-day moving average is $47.72. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a market cap of $66.05 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FCX shares. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.