Griffin Asset Management Inc. Sells 392 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Griffin Asset Management Inc. lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,775 shares of the natural resource company’s stock after selling 392 shares during the period. Griffin Asset Management Inc.’s holdings in Freeport-McMoRan were worth $5,230,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Jamison Private Wealth Management Inc. grew its holdings in Freeport-McMoRan by 90.1% during the third quarter. Jamison Private Wealth Management Inc. now owns 2,736 shares of the natural resource company’s stock worth $137,000 after purchasing an additional 1,297 shares during the period. Opal Wealth Advisors LLC boosted its stake in shares of Freeport-McMoRan by 7.5% during the 3rd quarter. Opal Wealth Advisors LLC now owns 5,216 shares of the natural resource company’s stock worth $260,000 after acquiring an additional 365 shares during the period. Foster Victor Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 17.5% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 252,436 shares of the natural resource company’s stock worth $12,337,000 after acquiring an additional 37,656 shares during the last quarter. Swedbank AB increased its holdings in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Swedbank AB now owns 2,523,399 shares of the natural resource company’s stock worth $125,968,000 after acquiring an additional 58,978 shares during the last quarter. Finally, NBC Securities Inc. raised its stake in Freeport-McMoRan by 18.3% in the 3rd quarter. NBC Securities Inc. now owns 22,533 shares of the natural resource company’s stock valued at $1,124,000 after acquiring an additional 3,493 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX stock opened at $47.30 on Wednesday. The company’s 50-day moving average price is $45.03 and its two-hundred day moving average price is $47.88. The firm has a market cap of $67.95 billion, a P/E ratio of 41.86, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. Morgan Stanley decreased their price objective 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. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank boosted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Raymond James boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.29.

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.