Hartford Investment Management Co. Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Hartford Investment Management Co. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 91,141 shares of the natural resource company’s stock after selling 1,067 shares during the quarter. Hartford Investment Management Co.’s holdings in Freeport-McMoRan were worth $4,550,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its position in shares of Freeport-McMoRan by 13.6% during the 1st quarter. Sunbelt Securities Inc. now owns 11,139 shares of the natural resource company’s stock valued at $524,000 after acquiring an additional 1,333 shares during the last quarter. Brookstone Capital Management boosted its holdings in Freeport-McMoRan by 12.0% in the 1st quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock valued at $386,000 after purchasing an additional 883 shares during the last quarter. Wealthcare Advisory Partners LLC grew its stake in shares of Freeport-McMoRan by 57.8% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock valued at $457,000 after buying an additional 3,557 shares during the period. Procyon Advisors LLC increased its holdings in shares of Freeport-McMoRan by 10.7% during the 1st quarter. Procyon Advisors LLC now owns 25,843 shares of the natural resource company’s stock worth $1,215,000 after buying an additional 2,493 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Freeport-McMoRan by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock valued at $7,412,000 after buying an additional 4,547 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.3 %

FCX opened at $47.92 on Thursday. The business has a fifty day moving average price of $45.86 and a 200 day moving average price of $47.86. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market capitalization of $68.84 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.63%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Ratings Changes

Several research firms have issued reports on FCX. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Company 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.