Grove Bank & Trust Sells 682 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Grove Bank & Trust lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 12.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,795 shares of the natural resource company’s stock after selling 682 shares during the quarter. Grove Bank & Trust’s holdings in Freeport-McMoRan were worth $239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Fiduciary Alliance LLC lifted its stake in shares of Freeport-McMoRan by 7.6% in the 3rd quarter. Fiduciary Alliance LLC now owns 203,084 shares of the natural resource company’s stock valued at $10,138,000 after acquiring an additional 14,402 shares during the last quarter. Affinity Wealth Management LLC increased its stake in Freeport-McMoRan by 1.3% in the 3rd quarter. Affinity Wealth Management LLC now owns 125,170 shares of the natural resource company’s stock worth $6,249,000 after purchasing an additional 1,642 shares during the period. ORG Wealth Partners LLC bought a new stake in Freeport-McMoRan in the third quarter valued at approximately $129,000. Procyon Advisors LLC boosted its stake in shares of Freeport-McMoRan by 7.2% during the third quarter. Procyon Advisors LLC now owns 31,490 shares of the natural resource company’s stock valued at $1,573,000 after purchasing an additional 2,120 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Freeport-McMoRan by 8.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,680 shares of the natural resource company’s stock worth $234,000 after purchasing an additional 380 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank upped their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. Raymond James raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Freeport-McMoRan Trading Down 2.3 %

Shares of NYSE FCX opened at $48.87 on Tuesday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The firm has a 50-day moving average of $44.91 and a 200 day moving average of $47.88. The stock has a market cap of $70.20 billion, a P/E ratio of 43.25, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the firm posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.61%. Freeport-McMoRan’s payout ratio is presently 26.55%.

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.