Dynamic Advisor Solutions LLC Sells 18,194 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Dynamic Advisor Solutions LLC has significantly reduced its investment in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter of the year. According to the latest 13F filing with the Securities and Exchange Commission (SEC), the firm cut its stake by 51.7%, selling 18,194 shares. As a result, Dynamic Advisor Solutions now holds a total of 17,028 shares of this natural resource company.

At the end of this reporting period, the value of Dynamic Advisor’s holdings in Freeport-McMoRan was estimated at approximately $850,000. This adjustment is part of a broader trend, as several other institutional investors have also made changes to their positions in the company during the same time frame.

Other Institutional Changes

Notably, Hazlett Burt & Watson Inc. made a remarkable increase in its stake in Freeport-McMoRan, growing its holdings by an impressive 1,170.7% in the second quarter. After this increase, Hazlett Burt & Watson now owns 521 shares, which are valued at around $25,000 following a purchase of an additional 480 shares within that last quarter.

Furthermore, Spectrum Wealth Counsel LLC established a new position in Freeport-McMoRan during the second quarter, also valued at $25,000. Other firms, including LRI Investments LLC, Lynx Investment Advisory, and the University of Texas Texas AM Investment Management Co., have also acquired new stakes, each valued around $26,000 to $27,000. Collectively, it appears that 80.77% of Freeport-McMoRan’s stock is held by hedge funds and various institutional investors.

Current Stock Performance

As for Freeport-McMoRan's market performance, the stock opened at $50.03 on the most recent trading day. The company demonstrates a quick ratio of 1.34, a current ratio of 2.40, and a manageable debt-to-equity ratio of 0.30. Over the past 52 weeks, the stock has fluctuated between a low of $32.83 and a high of $55.24, with a market capitalization of approximately $71.89 billion. Its price-to-earnings (PE) ratio stands at 37.90, with a price-to-earnings-growth (PEG) ratio of 2.03 and a beta of 1.90. The average moving prices for the stock are currently 50 days at $44.75 and 200 days at $47.83.

Quarterly Earnings Report

Freeport-McMoRan recently reported its quarterly earnings on July 23rd. The company generated earnings of $0.46 per share for the quarter, exceeding analysts' expectations of $0.39 by a notable margin of $0.07. Freeport-McMoRan's net margin for the quarter was recorded at 7.83%, supporting a return on equity of 7.60%. The firm raked in a total revenue of $6.62 billion, surpassing average estimates of $6 billion, and reflecting a year-over-year growth in revenue of 15.5%.

Analysts predict that Freeport-McMoRan Inc. will achieve earnings of $1.58 per share for the current fiscal year, highlighting optimism for its ongoing financial performance.

Dividend Announcements

The company has recently announced a quarterly dividend, which is set to be distributed on November 1st. Shareholders who are on record as of October 15th will receive a dividend of $0.075 per share. This translates to an annualized dividend of $0.30, creating a modest yield of 0.60%. The ex-dividend date is also set for October 15th, and Freeport-McMoRan's current dividend payout ratio is approximately 22.73%.

Analyst Ratings Update

In terms of analyst evaluations, several brokerages have made recent adjustments regarding Freeport-McMoRan’s stock. Scotiabank raised its target price from $52.00 to $53.00, maintaining a “sector perform” rating. Meanwhile, UBS Group upgraded the stock from “neutral” to “buy,” with their price objective being revised from $54.00 to $55.00. Raymond James also increased their target price from $53.00 to $55.00, labeling the stock an “outperform” in their research note.

On the other hand, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold,” whereas BNP Paribas upgraded the stock to a “strong-buy” rating earlier in the year. Among analysts, the stock currently has a consensus rating of “Moderate Buy,” with an average target price of $53.00, signaling a generally positive outlook from the market.

About Freeport-McMoRan Inc.

Freeport-McMoRan Inc. is a leading company engaged in the mining of various mineral resources in regions like North America, South America, and Indonesia. The firm primarily focuses on the exploration and extraction of copper, gold, molybdenum, silver, and other valuable metals. Its notable mining assets include the Grasberg minerals district in Indonesia and several key mines located in states such as Arizona and New Mexico, as well as operations in Peru and Chile.

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