Fifth Third Wealth Advisors LLC Sells 1,831 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fifth Third Wealth Advisors LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,632 shares of the natural resource company’s stock after selling 1,831 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $1,429,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors raised its stake in Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares during the period. Capital World Investors raised its position in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Freeport-McMoRan by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock valued at $536,038,000 after purchasing an additional 530,676 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Freeport-McMoRan by 0.5% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FCX. Scotiabank lowered their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley reduced their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Up 1.3 %

Shares of Freeport-McMoRan stock opened at $44.10 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $46.77 and a 200 day simple moving average of $47.25. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The company has a market capitalization of $63.37 billion, a P/E ratio of 32.19, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating 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 quarter in the prior year, the company posted $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio 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.