MAI Capital Management Sells 6,370 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

MAI Capital Management lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 31.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,093 shares of the natural resource company’s stock after selling 6,370 shares during the period. MAI Capital Management’s holdings in Freeport-McMoRan were worth $704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. AMG National Trust Bank raised its stake in shares of Freeport-McMoRan by 10.2% during the third quarter. AMG National Trust Bank now owns 6,018 shares of the natural resource company’s stock valued at $300,000 after acquiring an additional 558 shares in the last quarter. Glass Wealth Management Co LLC grew its holdings in Freeport-McMoRan by 2.0% in the third quarter. Glass Wealth Management Co LLC now owns 124,764 shares of the natural resource company’s stock worth $6,228,000 after purchasing an additional 2,445 shares during the last quarter. Atlanta Consulting Group Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $241,000. Schear Investment Advisers LLC lifted its stake in shares of Freeport-McMoRan by 9.7% during the third quarter. Schear Investment Advisers LLC now owns 6,817 shares of the natural resource company’s stock worth $340,000 after buying an additional 604 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Freeport-McMoRan by 404.6% during the third quarter. Empowered Funds LLC now owns 208,242 shares of the natural resource company’s stock worth $10,395,000 after buying an additional 166,975 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.72 on Friday. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The firm has a fifty day moving average of $46.85 and a 200-day moving average of $47.20. The firm has a market capitalization of $62.82 billion, a P/E ratio of 31.91, a PEG ratio of 1.90 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James upped their price objective 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. Finally, Scotiabank dropped their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

About Freeport-McMoRan

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.