Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Missouri Trust & Investment Co

Missouri Trust & Investment Co lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 22.8% in the third quarter, HoldingsChannel reports. The firm owned 8,086 shares of the natural resource company’s stock after buying an additional 1,500 shares during the quarter. Missouri Trust & Investment Co’s holdings in Freeport-McMoRan were worth $404,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in Freeport-McMoRan by 55.7% in the first quarter. Empowered Funds LLC now owns 30,229 shares of the natural resource company’s stock valued at $1,421,000 after purchasing an additional 10,820 shares during the period. Atomi Financial Group Inc. grew its position in shares of Freeport-McMoRan by 12.7% during the first quarter. Atomi Financial Group Inc. now owns 9,549 shares of the natural resource company’s stock worth $449,000 after buying an additional 1,073 shares in the last quarter. Sei Investments Co. increased its stake in shares of Freeport-McMoRan by 4.0% during the first quarter. Sei Investments Co. now owns 566,772 shares of the natural resource company’s stock worth $26,650,000 after buying an additional 21,889 shares during the period. Headlands Technologies LLC raised its holdings in Freeport-McMoRan by 30.5% in the first quarter. Headlands Technologies LLC now owns 4,344 shares of the natural resource company’s stock valued at $204,000 after acquiring an additional 1,016 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in Freeport-McMoRan by 22.7% in the first quarter. Avantax Advisory Services Inc. now owns 54,730 shares of the natural resource company’s stock worth $2,573,000 after acquiring an additional 10,135 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FCX shares. JPMorgan Chase & Co. raised their price objective 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Scotiabank cut their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded down $1.68 during mid-day trading on Tuesday, hitting $43.22. 3,540,946 shares of the company were exchanged, compared to its average volume of 12,872,257. 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 Inc. has a 12-month low of $33.38 and a 12-month high of $55.24. The business’s 50 day simple moving average is $46.46 and its two-hundred day simple moving average is $47.54. The company has a market capitalization of $62.10 billion, a P/E ratio of 32.77, a PEG ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed 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 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 is presently 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.