Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by United Bank

United Bank trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,287 shares of the natural resource company’s stock after selling 1,346 shares during the period. United Bank’s holdings in Freeport-McMoRan were worth $763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. grew its position 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 worth $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $25,000. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter worth about $25,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $26,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. 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 research note on Wednesday, October 23rd. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, 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. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 4.6 %

FCX opened at $46.37 on Friday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The business has a fifty day simple moving average of $46.45 and a 200-day simple moving average of $47.58. The firm has a market cap of $66.62 billion, a P/E ratio of 33.84, a P/E/G ratio of 1.98 and a beta of 1.91. 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 released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the business posted $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.65%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.