Quad Cities Investment Group LLC Has $448,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Quad Cities Investment Group LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,972 shares of the natural resource company’s stock after selling 1,098 shares during the quarter. Quad Cities Investment Group LLC’s holdings in Freeport-McMoRan were worth $448,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Hazlett Burt & Watson Inc. raised its stake in shares of 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 bought a new stake in Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.16 during midday trading on Thursday, hitting $47.81. The stock had a trading volume of 3,655,349 shares, compared to its average volume of 13,120,820. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $68.68 billion, a PE ratio of 42.45, a P/E/G ratio of 2.03 and a beta of 1.90. The stock has a 50 day moving average price of $45.20 and a two-hundred day moving average price of $47.88.

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

Freeport-McMoRan Cuts Dividend

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on FCX shares. Morgan Stanley decreased their target price 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. Scotiabank lifted their price target on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 8th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $53.29.

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.