Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Pathstone Holdings LLC

Pathstone Holdings LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 12.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 134,712 shares of the natural resource company’s stock after selling 18,938 shares during the quarter. Pathstone Holdings LLC’s holdings in Freeport-McMoRan were worth $6,725,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its stake in Freeport-McMoRan by 1,170.7% in 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 during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.1 %

Shares of FCX opened at $43.72 on Friday. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The stock’s 50-day moving average is $46.85 and its two-hundred day moving average is $47.20. 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 stock has a market cap of $62.82 billion, a PE ratio of 31.91, a P/E/G ratio of 1.90 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results 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 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 quarter in the prior year, the business earned $0.39 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com cut 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 report on Thursday, September 19th. 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 report on Tuesday, October 15th. Finally, Scotiabank decreased their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.