Envestnet Asset Management Inc. Has $61.99 Million Stake in Freeport-McMoRan Inc. $FCX

Envestnet Asset Management Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,580,485 shares of the natural resource company’s stock after purchasing an additional 32,706 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.11% of Freeport-McMoRan worth $61,987,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of FCX. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock valued at $5,504,754,000 after purchasing an additional 1,941,662 shares during the period. Fisher Asset Management LLC increased its holdings in Freeport-McMoRan by 3.2% in the second quarter. Fisher Asset Management LLC now owns 62,358,715 shares of the natural resource company’s stock worth $2,703,250,000 after purchasing an additional 1,926,493 shares in the last quarter. State Street Corp increased its holdings in Freeport-McMoRan by 0.5% in the second quarter. State Street Corp now owns 61,787,174 shares of the natural resource company’s stock worth $2,678,474,000 after purchasing an additional 320,514 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 2.1% in the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock valued at $849,945,000 after buying an additional 435,963 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Freeport-McMoRan by 89.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock worth $761,623,000 after buying an additional 8,292,873 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FCX. Wells Fargo & Company lifted their price objective on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, November 19th. Raymond James Financial upped their price objective on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Morgan Stanley set a $70.00 target price on Freeport-McMoRan in a research report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.40.

Freeport-McMoRan Trading Up 4.9%

FCX opened at $63.65 on Tuesday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $69.44. The firm has a market capitalization of $91.40 billion, a PE ratio of 42.15, a P/E/G ratio of 0.70 and a beta of 1.47. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. The company’s 50-day moving average is $54.42 and its 200 day moving average is $46.32.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same period in the previous year, the company posted $0.31 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were paid a dividend of $0.075 per share. The ex-dividend date was Thursday, January 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 9,572 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the completion of the sale, the chief accounting officer owned 38,761 shares in the company, valued at $1,847,349.26. This represents a 19.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 28,423 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at $5,053,059.06. The trade was a 21.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.79% of the stock is owned by insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.