Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by CENTRAL TRUST Co

CENTRAL TRUST Co increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 47.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,333 shares of the natural resource company’s stock after acquiring an additional 12,912 shares during the period. CENTRAL TRUST Co’s holdings in Freeport-McMoRan were worth $2,013,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the last quarter. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter valued at $26,000. Finally, LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 2.3 %

Freeport-McMoRan stock opened at $46.84 on Friday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market cap of $67.29 billion, a P/E ratio of 41.45, a P/E/G ratio of 2.03 and a beta of 1.90. The company’s fifty day simple moving average is $45.93 and its 200-day simple moving average is $47.85.

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

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date is 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 is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Scotiabank dropped their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.