Barnett & Company Inc. Sells 18,300 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Barnett & Company Inc. reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 38.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 28,714 shares of the natural resource company’s stock after selling 18,300 shares during the period. Barnett & Company Inc.’s holdings in Freeport-McMoRan were worth $1,433,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Deane Retirement Strategies Inc. boosted its stake in Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after purchasing an additional 214 shares during the last quarter. Koshinski Asset Management Inc. raised its holdings in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after buying an additional 214 shares during the period. Trust Co. of Vermont lifted its position in shares of Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares in the last quarter. Finally, Fidelis Capital Partners LLC boosted its position in Freeport-McMoRan by 2.0% in the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after buying an additional 231 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. 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. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Down 3.1 %

Shares of Freeport-McMoRan stock traded down $1.41 during trading on Tuesday, hitting $43.49. 5,720,202 shares of the company were exchanged, compared to its average volume of 12,879,886. The firm’s fifty day moving average price is $46.46 and its 200 day moving average price is $47.54. The firm has a market capitalization of $62.49 billion, a P/E ratio of 32.77, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91. Freeport-McMoRan Inc. has a 1-year low of $33.38 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the business posted $0.39 EPS. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

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.