Perkins Coie Trust Co Has $2.09 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Perkins Coie Trust Co boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,812 shares of the natural resource company’s stock after purchasing an additional 1,542 shares during the quarter. Perkins Coie Trust Co’s holdings in Freeport-McMoRan were worth $2,087,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FCX. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $26,000. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $27,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FCX shares. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. 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 increased their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank increased their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Finally, Raymond James increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Trading Down 0.7 %

Shares of NYSE FCX traded down $0.32 during mid-day trading on Wednesday, hitting $48.27. The company’s stock had a trading volume of 943,444 shares, compared to its average volume of 13,238,744. The stock has a market cap of $69.34 billion, a price-to-earnings ratio of 43.00, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company’s fifty day simple moving average is $44.40 and its 200-day simple moving average is $47.78.

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. The company 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%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm 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. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.