Keybank National Association OH decreased its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 6.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 463,838 shares of the natural resource company’s stock after selling 29,424 shares during the period. Keybank National Association OH’s holdings in Freeport-McMoRan were worth $4,439,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in FCX. AdvisorNet Financial Inc grew its position in shares of Freeport-McMoRan by 908.6% in the third quarter. AdvisorNet Financial Inc now owns 3,036 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 2,735 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at $30,000. Citizens Financial Group Inc RI grew its position in shares of Freeport-McMoRan by 6,082.1% in the third quarter. Citizens Financial Group Inc RI now owns 3,462 shares of the natural resource company’s stock valued at $33,000 after purchasing an additional 3,406 shares during the period. Rational Advisors LLC grew its position in shares of Freeport-McMoRan by 107.0% in the second quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 1,686 shares during the period. Finally, Flagship Harbor Advisors LLC grew its position in shares of Freeport-McMoRan by 63.9% in the third quarter. Flagship Harbor Advisors LLC now owns 4,282 shares of the natural resource company’s stock valued at $40,000 after purchasing an additional 1,669 shares during the period. 72.95% of the stock is owned by institutional investors.
A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. BMO Capital Markets lifted their price objective on Freeport-McMoRan from $11.00 to $12.00 and gave the company a “market perform” rating in a research report on Thursday, October 24th. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research report on Monday, September 23rd. Exane BNP Paribas assumed coverage on Freeport-McMoRan in a research report on Friday, September 20th. They issued an “outperform” rating for the company. Finally, Barclays raised Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a research report on Tuesday, July 16th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $13.03.
Freeport-McMoRan stock traded up $0.25 during midday trading on Friday, reaching $11.52. The stock had a trading volume of 24,074,272 shares, compared to its average volume of 21,553,258. Freeport-McMoRan Inc has a twelve month low of $8.43 and a twelve month high of $14.68. The stock has a market capitalization of $15.83 billion, a PE ratio of 7.58 and a beta of 2.44. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.17 and a current ratio of 2.49. The stock’s 50-day simple moving average is $9.82 and its 200 day simple moving average is $10.44.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Freeport-McMoRan had a positive return on equity of 0.90% and a negative net margin of 0.22%. The firm had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter last year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was down 32.6% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc will post 0.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Friday, October 11th. Freeport-McMoRan’s payout ratio is currently 13.16%.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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