B. Riley Wealth Advisors Inc. Has $3.36 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

B. Riley Wealth Advisors Inc. lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,482 shares of the natural resource company’s stock after selling 6,408 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Freeport-McMoRan were worth $3,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $27,000. Finally, RFP Financial Group LLC lifted its holdings in Freeport-McMoRan by 261.3% in the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. 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 research report on Wednesday, October 23rd. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $53.92.

Freeport-McMoRan Stock Down 1.2 %

FCX stock opened at $41.59 on Friday. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The company has a market cap of $59.76 billion, a PE ratio of 30.36, a price-to-earnings-growth ratio of 3.00 and a beta of 1.86. The business’s 50-day simple moving average is $45.51 and its 200 day simple moving average is $46.15. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.72%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

About Freeport-McMoRan

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.