Mathes Company Inc. Sells 750 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Mathes Company Inc. trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 14.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,300 shares of the natural resource company’s stock after selling 750 shares during the quarter. Mathes Company Inc.’s holdings in Freeport-McMoRan were worth $215,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. NorthCrest Asset Manangement LLC increased its position in shares of Freeport-McMoRan by 33.3% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after purchasing an additional 107,852 shares during the last quarter. Truist Financial Corp increased its holdings in Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after buying an additional 25,214 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after acquiring an additional 35,972 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Finally, SageView Advisory Group LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $770,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock traded up $0.57 during mid-day trading on Friday, hitting $45.59. 7,733,517 shares of the stock were exchanged, compared to its average volume of 12,953,824. The firm has a fifty day moving average of $46.20 and a 200 day moving average of $47.67. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a market cap of $65.51 billion, a PE ratio of 33.28, a price-to-earnings-growth ratio of 1.97 and a beta of 1.90. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $0.39 earnings per share. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors 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 annualized dividend and a dividend yield of 0.66%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.00.

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.