Rossmore Private Capital Has $2.01 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Rossmore Private Capital lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% during the third quarter, Holdings Channel reports. The institutional investor owned 40,240 shares of the natural resource company’s stock after selling 784 shares during the quarter. Rossmore Private Capital’s holdings in Freeport-McMoRan were worth $2,009,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FCX. Empowered Funds LLC lifted its position in shares of Freeport-McMoRan by 55.7% in the first quarter. Empowered Funds LLC now owns 30,229 shares of the natural resource company’s stock worth $1,421,000 after purchasing an additional 10,820 shares in the last quarter. Sei Investments Co. lifted its position in Freeport-McMoRan by 4.0% during the 1st quarter. Sei Investments Co. now owns 566,772 shares of the natural resource company’s stock worth $26,650,000 after buying an additional 21,889 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Freeport-McMoRan by 30.5% during the 1st quarter. Headlands Technologies LLC now owns 4,344 shares of the natural resource company’s stock worth $204,000 after buying an additional 1,016 shares during the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Freeport-McMoRan by 22.7% in the 1st quarter. Avantax Advisory Services Inc. now owns 54,730 shares of the natural resource company’s stock valued at $2,573,000 after acquiring an additional 10,135 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Freeport-McMoRan by 479.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company’s stock valued at $13,293,000 after acquiring an additional 233,955 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $43.60 on Wednesday. The firm has a market cap of $62.65 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 1.94 and a beta of 1.91. The business’s 50 day moving average is $46.51 and its 200-day moving average is $47.49. 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 $33.38 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its 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 company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. During the same quarter last year, the firm earned $0.39 earnings per share. The company’s revenue was up 16.6% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. 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 0.69%. Freeport-McMoRan’s payout ratio is presently 21.90%.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Morgan Stanley dropped their target price 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. 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’s stock. According to MarketBeat, the company 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.