First Horizon Advisors Inc. Has $47,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

First Horizon Advisors Inc. lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 71.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 946 shares of the natural resource company’s stock after selling 2,394 shares during the period. First Horizon Advisors Inc.’s holdings in Freeport-McMoRan were worth $47,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. boosted its holdings 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 acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the 3rd quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the second quarter worth $26,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Six 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’s stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 0.1 %

Shares of NYSE FCX opened at $43.72 on Monday. The business has a 50-day simple moving average of $46.87 and a two-hundred day simple moving average of $47.10. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The company has a market cap of $62.82 billion, a P/E ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.90%.

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.