Sequoia Financial Advisors LLC Cuts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Sequoia Financial Advisors LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,910 shares of the natural resource company’s stock after selling 2,025 shares during the period. Sequoia Financial Advisors LLC’s holdings in Freeport-McMoRan were worth $1,493,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital Research Global Investors lifted its holdings in Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the period. Capital International Investors purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $417,752,000. Capital World Investors boosted its position in Freeport-McMoRan by 40.9% during the first 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 in the last quarter. Asia Research & Capital Management Ltd purchased a new position in Freeport-McMoRan in the first quarter valued at about $197,966,000. Finally, Swedbank AB bought a new position in Freeport-McMoRan in the first quarter worth about $162,464,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $46.84 on Friday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a market capitalization of $67.29 billion, a PE ratio of 41.45, a PEG ratio of 2.03 and a beta of 1.90. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average price is $45.93 and its 200 day moving average price is $47.85.

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

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders 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 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

FCX has been the topic of a number of analyst reports. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, Scotiabank decreased their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

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.