Proficio Capital Partners LLC Has $2.58 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Proficio Capital Partners LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,757 shares of the natural resource company’s stock after selling 858 shares during the period. Proficio Capital Partners LLC’s holdings in Freeport-McMoRan were worth $2,584,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. increased its position in 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 in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the third quarter worth $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the 2nd quarter worth $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FCX shares. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Down 4.6 %

Shares of NYSE:FCX opened at $46.36 on Friday. 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 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The business’s 50-day moving average is $46.45 and its 200-day moving average is $47.58. The company has a market capitalization of $66.61 billion, a price-to-earnings ratio of 33.84, a P/E/G ratio of 2.00 and a beta of 1.91.

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, 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 return on equity of 7.40% and a net margin of 7.81%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

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.