Trust Co. of Toledo NA OH Has $814,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Trust Co. of Toledo NA OH cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 26.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 21,383 shares of the natural resource company’s stock after selling 7,822 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Freeport-McMoRan were worth $814,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the 3rd quarter valued at $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $27,000. Godsey & Gibb Inc. increased its holdings in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC increased its holdings in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FCX shares. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Scotiabank dropped their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. Morgan Stanley decreased their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $52.96.

Freeport-McMoRan Stock Up 1.1 %

NYSE:FCX opened at $39.40 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. 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 firm has a market capitalization of $56.61 billion, a P/E ratio of 28.76, a P/E/G ratio of 2.90 and a beta of 1.87. The stock’s fifty day simple moving average is $41.83 and its 200-day simple moving average is $44.53.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the company earned $0.39 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current year.

Freeport-McMoRan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a $0.15 dividend. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.08. This represents a $0.60 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

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.