Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Raab & Moskowitz Asset Management LLC

Raab & Moskowitz Asset Management LLC trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,120 shares of the natural resource company’s stock after selling 1,100 shares during the quarter. Raab & Moskowitz Asset Management LLC’s holdings in Freeport-McMoRan were worth $306,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Mountaineer Partners Management LLC increased its stake in shares of Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the period. Dimensional Fund Advisors LP raised its holdings in Freeport-McMoRan by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock worth $536,038,000 after purchasing an additional 530,676 shares in the last quarter. Legal & General Group Plc lifted its position in Freeport-McMoRan by 0.5% in the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after purchasing an additional 56,499 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Freeport-McMoRan by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after purchasing an additional 127,251 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.7 %

FCX stock opened at $42.07 on Monday. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The company has a market cap of $60.45 billion, a price-to-earnings ratio of 30.71, a PEG ratio of 16.60 and a beta of 1.86. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $46.27 and a 200-day simple moving average of $46.44.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the firm earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors 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 0.71%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of analyst reports. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. upped their price target 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Scotiabank lowered 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 research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $53.92.

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.