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

Dynamic Advisor Solutions LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 51.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,028 shares of the natural resource company’s stock after selling 18,194 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Freeport-McMoRan were worth $850,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Hazlett Burt & Watson Inc. grew its stake in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter worth $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the second quarter valued at $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan in the second quarter valued at about $27,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 1.0 %

FCX stock opened at $50.03 on Friday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market capitalization of $71.89 billion, a PE ratio of 37.90, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The firm has a 50 day moving average of $44.75 and a 200 day moving average of $47.83.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the company earned $0.35 earnings per share. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FCX. 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 report on Tuesday. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Six research 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.