Avidian Wealth Enterprises LLC Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

Avidian Wealth Enterprises LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 88.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,064 shares of the natural resource company's stock after selling 40,763 shares during the quarter. Avidian Wealth Enterprises LLC's holdings in Freeport-McMoRan were worth $253,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Duality Advisers LP increased its stake in Freeport-McMoRan by 52.7% in the 1st quarter. Duality Advisers LP now owns 46,221 shares of the natural resource company's stock worth $2,173,000 after purchasing an additional 15,949 shares during the period. Empirical Finance LLC boosted its position in Freeport-McMoRan by 3.5% during the 1st quarter. Empirical Finance LLC now owns 51,802 shares of the natural resource company's stock valued at $2,436,000 after buying an additional 1,748 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in shares of Freeport-McMoRan by 0.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company's stock valued at $3,012,000 after acquiring an additional 203 shares during the period. Quantbot Technologies LP raised its stake in shares of Freeport-McMoRan by 9.4% during the first quarter. Quantbot Technologies LP now owns 75,657 shares of the natural resource company's stock valued at $3,557,000 after acquiring an additional 6,503 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of Freeport-McMoRan by 55.7% during the first quarter. Empowered Funds LLC now owns 30,229 shares of the natural resource company's stock worth $1,421,000 after purchasing an additional 10,820 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 4.6 %

Freeport-McMoRan stock traded down $2.21 during mid-day trading on Friday, reaching $46.37. The stock had a trading volume of 16,180,174 shares, compared to its average volume of 12,917,850. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a 50-day moving average price of $46.41 and a two-hundred day moving average price of $47.60. The company has a market capitalization of $66.62 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 1.98 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 earnings per share. On average, analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 21.90%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a report on Wednesday, October 23rd. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Freeport-McMoRan 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.