Freeport-McMoRan Inc. (NYSE:FCX) Position Lessened by Heartland Bank & Trust Co

Heartland Bank & Trust Co decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,733 shares of the natural resource company’s stock after selling 289 shares during the period. Heartland Bank & Trust Co’s holdings in Freeport-McMoRan were worth $536,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday. Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $47.92 on Thursday. The business’s 50-day moving average price is $45.86 and its two-hundred day moving average price is $47.86. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a market capitalization of $68.84 billion, a P/E ratio of 42.41, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results 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. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.63%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.