Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Raymond James Trust N.A.

Raymond James Trust N.A. decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,927 shares of the natural resource company’s stock after selling 2,134 shares during the quarter. Raymond James Trust N.A.’s holdings in Freeport-McMoRan were worth $1,843,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Kestra Advisory Services LLC raised its stake in Freeport-McMoRan by 7.5% in the 1st quarter. Kestra Advisory Services LLC now owns 300,719 shares of the natural resource company’s stock worth $14,140,000 after acquiring an additional 20,856 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $277,000. Caxton Associates LP acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $3,526,000. Zurich Insurance Group Ltd FI boosted its position in Freeport-McMoRan by 31.7% in the first quarter. Zurich Insurance Group Ltd FI now owns 1,509,554 shares of the natural resource company’s stock valued at $70,979,000 after buying an additional 363,238 shares during the last quarter. Finally, Iron Gate Global Advisors LLC increased its holdings in Freeport-McMoRan by 23.8% in the 1st quarter. Iron Gate Global Advisors LLC now owns 7,281 shares of the natural resource company’s stock worth $346,000 after buying an additional 1,400 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank lowered their price target 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. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley decreased 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. Finally, JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Six equities 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 0.1 %

Shares of NYSE:FCX opened at $43.72 on Friday. The business’s 50 day moving average price is $46.87 and its 200-day moving average price is $47.12. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The firm has a market capitalization of $62.82 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. 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 posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The business 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 company’s revenue was up 16.6% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders 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 yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

About Freeport-McMoRan

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.