Hobbs Group Advisors LLC Sells 571 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hobbs Group Advisors LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% in the third quarter, Holdings Channel reports. The fund owned 5,941 shares of the natural resource company’s stock after selling 571 shares during the quarter. Hobbs Group Advisors LLC’s holdings in Freeport-McMoRan were worth $297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. Mountaineer Partners Management LLC boosted its position in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after acquiring an additional 2,255,529 shares during the last quarter. Capital Wealth Planning LLC boosted its position in shares of Freeport-McMoRan by 34.9% during the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after acquiring an additional 1,538,560 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Freeport-McMoRan by 5,249.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after acquiring an additional 1,316,261 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.92.

Freeport-McMoRan Stock Performance

FCX stock opened at $42.69 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $46.00 and its two-hundred day simple moving average is $46.32. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The firm has a market cap of $61.34 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 16.60 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the firm posted $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.