Freeport-McMoRan Inc. (NYSE:FCX) Holdings Cut by Sunbelt Securities Inc.

Sunbelt Securities Inc. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 48.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 5,888 shares of the natural resource company’s stock after selling 5,553 shares during the period. Sunbelt Securities Inc.’s holdings in Freeport-McMoRan were worth $294,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FCX. Toronto Dominion Bank grew its stake in Freeport-McMoRan by 110.9% in the third quarter. Toronto Dominion Bank now owns 1,527,116 shares of the natural resource company’s stock valued at $76,234,000 after purchasing an additional 803,114 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in shares of Freeport-McMoRan by 15.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 25,224 shares of the natural resource company’s stock valued at $1,250,000 after buying an additional 3,397 shares in the last quarter. First Dallas Securities Inc. increased its holdings in Freeport-McMoRan by 6.6% in the third quarter. First Dallas Securities Inc. now owns 112,264 shares of the natural resource company’s stock worth $5,604,000 after buying an additional 6,930 shares during the last quarter. Geode Capital Management LLC raised its position in Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after acquiring an additional 529,099 shares in the last quarter. Finally, Savoie Capital LLC acquired a new stake in Freeport-McMoRan in the third quarter valued at approximately $374,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.2 %

Shares of FCX stock opened at $41.59 on Friday. Freeport-McMoRan Inc. has a one year low of $36.26 and a one 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. The stock has a fifty day moving average price of $45.51 and a 200 day moving average price of $46.20. The stock has a market cap of $59.75 billion, a P/E ratio of 30.35, a price-to-earnings-growth ratio of 3.00 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during 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 firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $0.39 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. UBS Group upgraded shares of 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 note on Wednesday, September 4th. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Scotiabank reduced their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Raymond James upped 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. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.92.

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.