Amalgamated Bank Cuts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Amalgamated Bank reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 281,887 shares of the natural resource company’s stock after selling 7,949 shares during the quarter. Amalgamated Bank’s holdings in Freeport-McMoRan were worth $14,072,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FCX. Norden Group LLC boosted its position in Freeport-McMoRan by 28.2% during the first quarter. Norden Group LLC now owns 16,659 shares of the natural resource company’s stock worth $783,000 after purchasing an additional 3,665 shares in the last quarter. Avidian Wealth Solutions LLC purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $213,000. Catalina Capital Group LLC acquired a new position in Freeport-McMoRan during the first quarter worth about $266,000. Signaturefd LLC lifted its holdings in shares of Freeport-McMoRan by 8.8% in the first quarter. Signaturefd LLC now owns 31,056 shares of the natural resource company’s stock valued at $1,460,000 after purchasing an additional 2,512 shares in the last quarter. Finally, Davidson Capital Management Inc. purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $59,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FCX shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a research note 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 for the company in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Trading Up 1.6 %

Shares of FCX stock opened at $47.00 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm’s 50 day moving average price is $46.22 and its two-hundred day moving average price is $47.62. The stock has a market cap of $67.53 billion, a price-to-earnings ratio of 34.31, a price-to-earnings-growth ratio of 1.95 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced 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 during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

About Freeport-McMoRan

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.