Dynamic Advisor Solutions LLC Sells Shares of Freeport-McMoRan Inc.

Dynamic Advisor Solutions LLC has significantly reduced its investment in Freeport-McMoRan Inc. (NYSE:FCX) by 51.7% during the third quarter, as disclosed in its latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 18,194 shares, the firm now holds 17,028 shares of the natural resource company, valued at approximately $850,000 as of the end of the reporting period.

This adjustment in holdings reflects a broader trend among institutional investors modifying their positions in Freeport-McMoRan. For instance, Hazlett Burt & Watson Inc. substantially increased its stake in the company by 1,170.7% during the second quarter, now owning 521 shares valued at $25,000 after acquiring an additional 480 shares. Similarly, Spectrum Wealth Counsel LLC also established a new position in Freeport-McMoRan during the same quarter with an investment worth $25,000. Other investors, such as LRI Investments LLC and Lynx Investment Advisory, have also recently bought positions, showing increasing diversification among investors in this sector.

Stock Performance Overview

As of the latest trading session, Freeport-McMoRan's stock opened at $50.03 and has shown some positive performance, increasing by 1.0%. The company's quick ratio stands at 1.34, while its current ratio is at 2.40, indicating solid liquidity. The debt-to-equity ratio is relatively low at 0.30. Currently, Freeport-McMoRan’s stock has experienced a 52-week low of $32.83 and a high of $55.24, with a market capitalization of approximately $71.89 billion. Its price-to-earnings ratio is reported at 37.90, alongside a price-to-earnings-growth ratio of 2.03 and a beta of 1.90, reflecting the stock's volatility compared to the market.

Freeport-McMoRan recently released its quarterly earnings, reporting $0.46 earnings per share, which surpassed analysts’ expectations of $0.39 by $0.07. The company achieved a net margin of 7.83% and a return on equity of 7.60%. Total revenue for the quarter reached $6.62 billion, exceeding analyst estimates of $6 billion, and indicating a 15.5% increase in revenue when compared to the same quarter in the previous year. Analysts predict Freeport-McMoRan will report an earnings per share of 1.58 for the current year.

Dividend Announcement and Changes

Recently, Freeport-McMoRan announced its latest quarterly dividend, scheduled to be disbursed on Friday, November 1st. Shareholders on record by Tuesday, October 15th, will receive a dividend of $0.075 per share, equating to an annualized dividend of $0.30. This translates to a dividend yield of 0.60%, with the dividend payout ratio currently being 22.73%.

Recent Analyst Ratings

Various financial institutions have shared updated ratings and target prices for Freeport-McMoRan. Scotiabank raised their target price to $53.00, maintaining a ‘sector perform’ rating. Similarly, UBS Group upgraded their stance from ‘neutral’ to ‘buy’ and increased their price objective from $54.00 to $55.00. Raymond James also lifted their target price from $53.00 to $55.00, recommending an ‘outperform’ rating. On the contrary, StockNews.com downgraded Freeport-McMoRan from a ‘buy’ to a ‘hold’ rating. The overall sentiment among analysts is that there is a moderate buying interest in the stock, with six analysts endorsing a hold rating and nine recommending a buy, leading to an average price target of $53.00 according to MarketBeat.

About Freeport-McMoRan

Freeport-McMoRan Inc. is a prominent player in the mining sector, primarily focusing on the extraction of copper, gold, molybdenum, silver, and other metals across North America, South America, and Indonesia. The company's noteworthy assets include significant mining sites such as the Grasberg minerals district in Indonesia and several sites in Arizona, New Mexico, Colorado, Peru, and Chile.

investment, stocks, dividend