Mattern Wealth Management LLC Sells 730 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Mattern Wealth Management LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,163 shares of the natural resource company’s stock after selling 730 shares during the period. Mattern Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,056,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Hazlett Burt & Watson Inc. increased its stake in 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 acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter worth $26,000. Finally, Lynx Investment Advisory purchased a new position in Freeport-McMoRan during the second quarter worth $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 0.2 %

Shares of NYSE FCX traded up $0.11 during mid-day trading on Tuesday, reaching $48.05. 6,077,155 shares of the company were exchanged, compared to its average volume of 13,074,118. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The firm has a 50-day moving average of $45.61 and a 200 day moving average of $47.86. The stock has a market cap of $69.02 billion, a price-to-earnings ratio of 43.34, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the business earned $0.39 EPS. The company’s revenue was up 16.6% compared to the same quarter last year. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm 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 dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FCX shares. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group upgraded shares of 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 report on Wednesday, September 4th. Finally, Raymond James boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.92.

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.