Trust Co. of Toledo NA OH Buys 1,241 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Trust Co. of Toledo NA OH lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% in the third quarter, HoldingsChannel.com reports. The fund owned 29,205 shares of the natural resource company’s stock after acquiring an additional 1,241 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Freeport-McMoRan were worth $1,458,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FCX. Jones Financial Companies Lllp raised its position in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the period. CWA Asset Management Group LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth $214,000. Rafferty Asset Management LLC raised its position in Freeport-McMoRan by 5.0% in the 4th quarter. Rafferty Asset Management LLC now owns 122,378 shares of the natural resource company’s stock worth $5,210,000 after purchasing an additional 5,773 shares during the period. Belpointe Asset Management LLC raised its position in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after purchasing an additional 4,703 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in Freeport-McMoRan by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 30,817 shares of the natural resource company’s stock worth $1,312,000 after purchasing an additional 410 shares during the period. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on FCX. Raymond James boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Trading Up 0.9 %

NYSE:FCX opened at $50.82 on Thursday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company’s 50-day simple moving average is $43.83 and its 200 day simple moving average is $47.61. The firm has a market capitalization of $73.00 billion, a P/E ratio of 44.97, a PEG ratio of 2.89 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 earnings per share. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.59%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.