Bleakley Financial Group LLC Decreases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Bleakley Financial Group LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 57.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,909 shares of the natural resource company’s stock after selling 91,613 shares during the quarter. Bleakley Financial Group LLC’s holdings in Freeport-McMoRan were worth $3,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. raised its position 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 purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $25,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 0.5 %

Shares of FCX opened at $48.18 on Friday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The stock has a market cap of $69.21 billion, a PE ratio of 42.64, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The firm’s fifty day moving average is $45.48 and its two-hundred day moving average is $47.89. 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 (NYSE:FCX) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Raymond James raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six equities research 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’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $53.29.

Freeport-McMoRan 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.