Envestnet Asset Management Inc. Has $64.11 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Envestnet Asset Management Inc. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,319,066 shares of the natural resource company’s stock after purchasing an additional 73,340 shares during the quarter. Envestnet Asset Management Inc. owned 0.09% of Freeport-McMoRan worth $64,107,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Capital Research Global Investors grew its position in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Fisher Asset Management LLC increased its stake in Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after buying an additional 2,392,800 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after buying an additional 1,551,828 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $43.92 on Thursday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $43.97 and its 200 day simple moving average is $47.09. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a market cap of $63.09 billion, a price-to-earnings ratio of 38.33, a PEG ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the business posted $0.35 EPS. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $49.50 to $62.00 in a research note on Friday, June 21st. Finally, Raymond James decreased their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

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.