UMB Bank n.a. Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

UMB Bank n.a. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,105 shares of the natural resource company’s stock after selling 366 shares during the period. UMB Bank n.a.’s holdings in Freeport-McMoRan were worth $305,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group raised 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 research note on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Raymond James lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Six equities research analysts have rated the stock with a hold rating, nine have assigned 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 price target of $53.00.

Freeport-McMoRan Price Performance

FCX stock opened at $50.03 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a market cap of $71.89 billion, a P/E ratio of 37.90, a P/E/G ratio of 2.03 and a beta of 1.90. The firm’s fifty day moving average is $44.75 and its 200 day moving average is $47.85. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

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, beating 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 analyst estimates of $6 billion. During the same quarter in the previous year, the company posted $0.35 EPS. Freeport-McMoRan’s revenue for the quarter was up 15.5% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

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.