Freeport-McMoRan Inc. (NYSE:FCX) Stake Cut by Eads & Heald Wealth Management

Eads & Heald Wealth Management cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,047 shares of the natural resource company’s stock after selling 1,780 shares during the period. Eads & Heald Wealth Management’s holdings in Freeport-McMoRan were worth $801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. increased its position in 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 buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth about $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter worth about $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

NYSE FCX opened at $45.59 on Friday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month 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. The firm has a market capitalization of $65.51 billion, a PE ratio of 33.28, a P/E/G ratio of 1.97 and a beta of 1.90. The company’s 50 day simple moving average is $46.20 and its 200 day simple moving average is $47.67.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the business earned $0.39 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.66%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank dropped 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 research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, Raymond James raised their price target 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. Six investment 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. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price 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.