Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by OneDigital Investment Advisors LLC

OneDigital Investment Advisors LLC lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,411 shares of the natural resource company’s stock after selling 2,945 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $719,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. grew its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter valued at about $25,000. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the second quarter worth about $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $44.10 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a market capitalization of $63.37 billion, a PE ratio of 32.19, a P/E/G ratio of 1.84 and a beta of 1.91. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The business’s fifty day moving average price is $46.77 and its two-hundred day moving average price is $47.25.

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

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Wall Street Analyst Weigh In

Several research firms have issued reports on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Raymond James upped 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. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock 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.