Golden State Equity Partners Sells 1,609 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Golden State Equity Partners reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,632 shares of the natural resource company’s stock after selling 1,609 shares during the quarter. Golden State Equity Partners’ holdings in Freeport-McMoRan were worth $581,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. raised its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the second quarter worth $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the third quarter worth $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the first quarter worth $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the second quarter worth $26,000. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FCX shares. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $45.97 on Thursday. The company has a market cap of $66.05 billion, a P/E ratio of 33.55, a PEG ratio of 1.99 and a beta of 1.90. The company has a current ratio of 2.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $46.14 and a two-hundred day moving average price of $47.72. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate 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 company’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.59 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.65%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Freeport-McMoRan 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.