Envestnet Asset Management Inc. Has $29.26 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Envestnet Asset Management Inc. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 715,145 shares of the natural resource company’s stock after selling 63,881 shares during the period. Envestnet Asset Management Inc.’s holdings in Freeport-McMoRan were worth $29,257,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Ruffer LLP acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $1,022,000. Connectus Wealth LLC grew its stake in shares of Freeport-McMoRan by 0.5% during the first quarter. Connectus Wealth LLC now owns 276,699 shares of the natural resource company’s stock worth $11,320,000 after purchasing an additional 1,333 shares during the period. Greenleaf Trust grew its stake in shares of Freeport-McMoRan by 2.9% during the first quarter. Greenleaf Trust now owns 23,079 shares of the natural resource company’s stock worth $944,000 after purchasing an additional 649 shares during the period. Rhumbline Advisers grew its stake in shares of Freeport-McMoRan by 0.4% during the first quarter. Rhumbline Advisers now owns 2,640,218 shares of the natural resource company’s stock worth $108,011,000 after purchasing an additional 11,185 shares during the period. Finally, Waratah Capital Advisors Ltd. grew its stake in shares of Freeport-McMoRan by 109.5% during the first quarter. Waratah Capital Advisors Ltd. now owns 46,863 shares of the natural resource company’s stock worth $1,917,000 after purchasing an additional 24,497 shares during the period. 77.96% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX opened at $40.18 on Thursday. Freeport-McMoRan Inc. has a 52-week low of $26.03 and a 52-week high of $46.73. The firm has a market capitalization of $57.60 billion, a PE ratio of 27.71 and a beta of 2.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.72 and a current ratio of 2.94. The business’s 50-day simple moving average is $40.71 and its 200 day simple moving average is $39.41.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.61 billion. Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. The business’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, July 14th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.60 annualized dividend and a yield of 1.49%. Freeport-McMoRan’s dividend payout ratio is 20.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FCX. Sanford C. Bernstein began coverage on Freeport-McMoRan in a research note on Thursday, June 29th. They set a “market perform” rating and a $41.00 price objective for the company. Raymond James boosted their target price on Freeport-McMoRan from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 21st. Stifel Nicolaus decreased their target price on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, August 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $38.50 target price on shares of Freeport-McMoRan in a research note on Friday, July 21st. Finally, 3M reissued an “initiates” rating on shares of Freeport-McMoRan in a research note on Thursday, June 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $39.96.

About Freeport-McMoRan

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.