Tranquility Partners LLC Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Tranquility Partners LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 46.3% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 5,735 shares of the natural resource company’s stock after selling 4,940 shares during the quarter. Tranquility Partners LLC’s holdings in Freeport-McMoRan were worth $286,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Hazlett Burt & Watson Inc. grew its stake in shares of Freeport-McMoRan by 1,170.7% in 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 period. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the second quarter worth approximately $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.0 %

Shares of FCX stock opened at $43.55 on Tuesday. 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 $36.04 and a 12-month high of $55.24. The stock’s 50-day moving average price is $46.69 and its 200-day moving average price is $47.29. The stock has a market capitalization of $62.58 billion, a price-to-earnings ratio of 31.79, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted 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. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 EPS. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Scotiabank cut their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. 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 report on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. lifted their price target 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. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.