Canandaigua National Bank & Trust Co. Has $210,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Canandaigua National Bank & Trust Co. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,512 shares of the natural resource company’s stock after selling 475 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Freeport-McMoRan were worth $210,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FCX. Oliver Luxxe Assets LLC raised its holdings in shares of Freeport-McMoRan by 1.8% during the 4th quarter. Oliver Luxxe Assets LLC now owns 142,486 shares of the natural resource company’s stock valued at $5,426,000 after purchasing an additional 2,548 shares in the last quarter. Neville Rodie & Shaw Inc. increased its position in Freeport-McMoRan by 23.2% during the fourth quarter. Neville Rodie & Shaw Inc. now owns 15,951 shares of the natural resource company’s stock worth $607,000 after buying an additional 3,000 shares during the last quarter. GAMMA Investing LLC raised its holdings in Freeport-McMoRan by 9.2% during the fourth quarter. GAMMA Investing LLC now owns 21,586 shares of the natural resource company’s stock valued at $822,000 after buying an additional 1,815 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Freeport-McMoRan by 194.4% in the fourth quarter. Versant Capital Management Inc now owns 1,042 shares of the natural resource company’s stock worth $40,000 after buying an additional 688 shares during the last quarter. Finally, First Financial Bank Trust Division boosted its stake in shares of Freeport-McMoRan by 1.7% during the 4th quarter. First Financial Bank Trust Division now owns 49,041 shares of the natural resource company’s stock worth $1,867,000 after acquiring an additional 801 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday. Raymond James raised their target price 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. Scotiabank cut their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday. Finally, Jefferies Financial Group lowered their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $52.96.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $38.77 on Wednesday. The company has a market capitalization of $55.71 billion, a P/E ratio of 28.30, a P/E/G ratio of 2.90 and a beta of 1.86. 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 Inc. has a 12 month low of $36.26 and a 12 month high of $55.24. The stock has a 50 day moving average of $42.32 and a two-hundred day moving average of $44.81.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results 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 firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the business earned $0.39 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.49 EPS for the current year.

Freeport-McMoRan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.55%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.