Bartlett & CO. Wealth Management LLC Sells 4,675 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Bartlett & CO. Wealth Management LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 25.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,476 shares of the natural resource company’s stock after selling 4,675 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in Freeport-McMoRan were worth $673,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Truist Financial Corp increased its stake in Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after acquiring an additional 25,214 shares during the period. Norden Group LLC increased its position in shares of Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the period. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the period. SageView Advisory Group LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at $770,000. Finally, Verde Servicos Internacionais S.A. bought a new position in Freeport-McMoRan in the third quarter worth $5,515,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.5 %

Shares of NYSE FCX opened at $48.18 on Monday. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a market cap of $69.21 billion, a price-to-earnings ratio of 42.64, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm’s 50-day simple moving average is $45.48 and its 200 day simple moving average is $47.88.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analyst Ratings Changes

FCX has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank increased their target price on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $53.92.

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.