Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 68.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,973 shares of the natural resource company’s stock after selling 25,640 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Freeport-McMoRan were worth $598,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Hazlett Burt & Watson Inc. boosted its position in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth approximately $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE FCX opened at $46.57 on Wednesday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. The stock has a market capitalization of $66.91 billion, a P/E ratio of 33.99, a P/E/G ratio of 1.99 and a beta of 1.90. The business’s fifty day moving average is $46.10 and its two-hundred day moving average is $47.73.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 net margin of 7.81% and a return on equity of 7.40%. The firm 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 company posted $0.39 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.59 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. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock 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 report on Thursday, September 26th. 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 report on Thursday, September 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, UBS Group raised 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 report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target 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.