Cwm LLC Sells 938 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cwm LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,342 shares of the natural resource company’s stock after selling 938 shares during the quarter. Cwm LLC’s holdings in Freeport-McMoRan were worth $2,313,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors raised its stake in Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Capital International Investors bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $417,752,000. Capital World Investors raised its position in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $197,966,000. Finally, Swedbank AB bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $48.87 on Tuesday. The stock has a 50 day moving average of $44.91 and a 200 day moving average of $47.88. The company has a market capitalization of $70.20 billion, a price-to-earnings ratio of 43.25, a PEG ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the business posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared 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 dividend yield of 0.61%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.