Kingfisher Capital LLC Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Kingfisher Capital LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,268 shares of the natural resource company’s stock after selling 5,935 shares during the quarter. Kingfisher Capital LLC’s holdings in Freeport-McMoRan were worth $4,606,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Hazlett Burt & Watson Inc. lifted its holdings in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter worth $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at about $26,000. Finally, Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the second quarter worth about $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank cut their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley dropped their price objective on shares of 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 target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE FCX opened at $43.76 on Friday. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The firm has a 50-day simple moving average of $46.91 and a two-hundred day simple moving average of $46.97. The company has a market cap of $62.88 billion, a P/E ratio of 31.94, a PEG ratio of 17.26 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the company earned $0.39 EPS. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

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.