Mraz Amerine & Associates Inc. Sells 932 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Mraz Amerine & Associates Inc. decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 57,069 shares of the natural resource company’s stock after selling 932 shares during the quarter. Freeport-McMoRan makes up 0.5% of Mraz Amerine & Associates Inc.’s holdings, making the stock its 26th largest holding. Mraz Amerine & Associates Inc.’s holdings in Freeport-McMoRan were worth $2,849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. grew 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 valued at $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 2.3 %

NYSE FCX opened at $46.84 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a 50 day moving average of $45.93 and a 200-day moving average of $47.85. The company has a market cap of $67.29 billion, a price-to-earnings ratio of 41.45, a PEG ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Ratings Changes

A number of equities analysts recently commented on FCX shares. 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 report on Wednesday. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Morgan Stanley reduced their price target 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, Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.00.

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.