Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by NorthRock Partners LLC

NorthRock Partners LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 23.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,080 shares of the natural resource company’s stock after selling 2,841 shares during the quarter. NorthRock Partners LLC’s holdings in Freeport-McMoRan were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Sentry Investment Management LLC increased its stake in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Sentry Investment Management LLC now owns 17,727 shares of the natural resource company’s stock valued at $885,000 after acquiring an additional 699 shares during the last quarter. Greenwood Capital Associates LLC raised its stake in Freeport-McMoRan by 61.3% during the third quarter. Greenwood Capital Associates LLC now owns 92,695 shares of the natural resource company’s stock worth $4,627,000 after purchasing an additional 35,232 shares during the period. Catalyst Capital Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 25.4% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 18,678 shares of the natural resource company’s stock valued at $932,000 after purchasing an additional 3,778 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its holdings in shares of Freeport-McMoRan by 158.3% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,346 shares of the natural resource company’s stock valued at $67,000 after purchasing an additional 825 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. grew its stake in shares of Freeport-McMoRan by 6.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 6,550 shares of the natural resource company’s stock valued at $327,000 after buying an additional 395 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $47.00 on Wednesday. The firm has a fifty day simple moving average of $46.22 and a 200-day simple moving average of $47.62. The company has a market capitalization of $67.53 billion, a PE ratio of 34.31, a price-to-earnings-growth ratio of 1.95 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued 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 firm 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 firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FCX shares. Morgan Stanley cut their target price on 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 cut their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. 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 report on Wednesday, October 23rd. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.