Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Focused Wealth Management Inc

Focused Wealth Management Inc lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.0% during the third quarter, HoldingsChannel reports. The firm owned 6,987 shares of the natural resource company’s stock after selling 606 shares during the period. Focused Wealth Management Inc’s holdings in Freeport-McMoRan were worth $349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in FCX. Hazlett Burt & Watson Inc. raised its stake in shares of 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 acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. LRI Investments LLC purchased a new position in Freeport-McMoRan during the 1st quarter worth approximately $26,000. Finally, Lynx Investment Advisory purchased 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 Stock Up 1.6 %

Shares of NYSE FCX opened at $47.00 on Wednesday. The company has a market cap of $67.53 billion, a P/E ratio of 34.31, a P/E/G ratio of 1.95 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The stock has a fifty day moving average price of $46.22 and a 200 day moving average price of $47.62.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) 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 the consensus estimate of $6.45 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Ratings Changes

A number of research firms recently weighed in on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Six equities research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.