Atria Investments Inc Has $2.95 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Atria Investments Inc cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 36.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,025 shares of the natural resource company’s stock after selling 33,244 shares during the quarter. Atria Investments Inc’s holdings in Freeport-McMoRan were worth $2,947,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $25,000. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. raised its stake 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 valued at $25,000 after buying an additional 480 shares during the period. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $26,000. Finally, LRI Investments LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FCX. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight 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 an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $43.13 on Thursday. The firm’s 50 day simple moving average is $46.54 and its 200 day simple moving average is $47.46. The firm has a market capitalization of $61.96 billion, a price-to-earnings ratio of 31.48, a P/E/G ratio of 1.88 and a beta of 1.91. 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 1 year low of $34.55 and a 1 year high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. 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 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Freeport-McMoRan Company 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.