Raymond James Trust N.A. Decreases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Raymond James Trust N.A. lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.5% in the 3rd quarter, Holdings Channel reports. The fund owned 36,927 shares of the natural resource company’s stock after selling 2,134 shares during the quarter. Raymond James Trust N.A.’s holdings in Freeport-McMoRan were worth $1,843,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FCX. Deane Retirement Strategies Inc. increased its holdings in shares of Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont raised its holdings in shares of Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after acquiring an additional 228 shares during the period. Fidelis Capital Partners LLC grew its holdings in shares of Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the period. Finally, Prospera Private Wealth LLC increased its position in Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of several analyst reports. UBS Group raised 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 research note on Wednesday, September 4th. Scotiabank lowered their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $43.72 on Friday. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The stock has a market capitalization of $62.82 billion, a PE ratio of 31.91, a PEG ratio of 1.89 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The stock has a 50-day simple moving average of $46.87 and a 200-day simple moving average of $47.12.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s payout ratio is currently 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.