Cetera Investment Advisers Lowers Position in Freeport-McMoRan Inc. $FCX

Cetera Investment Advisers trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 389,373 shares of the natural resource company’s stock after selling 24,046 shares during the quarter. Cetera Investment Advisers’ holdings in Freeport-McMoRan were worth $16,879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FCX. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% during the second 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 position in shares of Freeport-McMoRan during the 1st quarter worth approximately $37,000. Hilltop National Bank bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $43,000. NewSquare Capital LLC boosted its stake in shares of Freeport-McMoRan by 74.9% in the 2nd quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock worth $43,000 after buying an additional 429 shares during the last quarter. Finally, CKW Financial Group bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $40,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on FCX shares. Royal Bank Of Canada dropped their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Raymond James Financial decreased their target price on Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Wednesday, October 8th. Finally, UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $46.73.

Freeport-McMoRan Stock Up 2.9%

Freeport-McMoRan stock opened at $41.15 on Thursday. The firm has a 50 day simple moving average of $41.31 and a 200 day simple moving average of $41.84. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12. The firm has a market capitalization of $59.09 billion, a price-to-earnings ratio of 28.98, a P/E/G ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a $0.15 dividend. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

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. 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.