Community Bank of Raymore Sells 3,500 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Community Bank of Raymore decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 38,336 shares of the natural resource company’s stock after selling 3,500 shares during the quarter. Freeport-McMoRan accounts for about 1.4% of Community Bank of Raymore’s investment portfolio, making the stock its 22nd biggest position. Community Bank of Raymore’s holdings in Freeport-McMoRan were worth $1,914,000 as of its most recent filing with the SEC.

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

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $47.97 on Thursday. The company has a market capitalization of $68.91 billion, a price-to-earnings ratio of 42.45, a P/E/G ratio of 2.03 and a beta of 1.90. The firm’s 50 day simple moving average is $45.20 and its 200 day simple moving average is $47.88. 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 fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current 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 issued a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.63%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FCX. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank raised their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Raymond James increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Morgan Stanley reduced their price objective 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, JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.29.

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.