SteelPeak Wealth LLC Sells 4,817 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

SteelPeak Wealth LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 52.3% in the third quarter, Holdings Channel.com reports. The firm owned 4,389 shares of the natural resource company’s stock after selling 4,817 shares during the period. SteelPeak Wealth LLC’s holdings in Freeport-McMoRan were worth $219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC boosted its holdings in Freeport-McMoRan by 33.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after purchasing an additional 107,852 shares during the period. Truist Financial Corp boosted its holdings in Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after purchasing an additional 25,214 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Freeport-McMoRan by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock valued at $10,393,000 after buying an additional 35,972 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares in the last quarter. Finally, SageView Advisory Group LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $770,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 1.3 %

Shares of NYSE:FCX opened at $45.59 on Friday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company’s 50-day moving average price is $46.20 and its two-hundred day moving average price is $47.67. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a market cap of $65.51 billion, a P/E ratio of 33.28, a P/E/G ratio of 1.97 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The company’s revenue was up 16.6% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Six investment 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 company. According to data from MarketBeat.com, the company currently 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.