Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,397,817 shares of the natural resource company’s stock after selling 200,792 shares during the period. DekaBank Deutsche Girozentrale owned 0.17% of Freeport-McMoRan worth $120,737,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $25,000. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the 2nd quarter worth $25,000. Hazlett Burt & Watson Inc. grew its stake 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 purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter worth $26,000. Finally, LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.5 %

NYSE:FCX opened at $46.60 on Friday. The stock has a market cap of $66.96 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.34. The stock’s 50-day moving average is $45.99 and its two-hundred day moving average is $47.80.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company 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 dividend on an annualized basis and a yield of 0.64%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.