Graypoint LLC Has $539,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Graypoint LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.2% in the third quarter, HoldingsChannel.com reports. The firm owned 10,801 shares of the natural resource company’s stock after selling 353 shares during the period. Graypoint LLC’s holdings in Freeport-McMoRan were worth $539,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors grew its position in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Capital International Investors bought a new stake in Freeport-McMoRan in the first quarter valued at approximately $417,752,000. Capital World Investors increased its position in Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd bought a new position in Freeport-McMoRan during the 1st quarter worth approximately $197,966,000. Finally, Swedbank AB acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $162,464,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FCX shares. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Performance

FCX opened at $46.37 on Friday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a market cap of $66.62 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 1.98 and a beta of 1.91. The company’s fifty day moving average price is $46.45 and its two-hundred day moving average price is $47.58. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 EPS. On average, analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.65%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.