Strategic Blueprint LLC Sells 2,859 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Strategic Blueprint LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.2% in the 3rd quarter, Holdings Channel reports. The firm owned 85,437 shares of the natural resource company’s stock after selling 2,859 shares during the quarter. Strategic Blueprint LLC’s holdings in Freeport-McMoRan were worth $4,265,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of FCX. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $417,752,000. Capital World Investors grew its holdings in shares of Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new position in Freeport-McMoRan in the 1st quarter worth about $197,966,000. Finally, Swedbank AB bought a new stake in Freeport-McMoRan during the 1st quarter valued at about $162,464,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Morgan Stanley dropped their target price 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank dropped their price target on 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. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Up 0.4 %

NYSE FCX traded up $0.19 on Tuesday, hitting $46.92. The stock had a trading volume of 1,456,476 shares, compared to its average volume of 12,980,689. The business’s fifty day moving average price is $46.04 and its 200 day moving average price is $47.75. The stock has a market cap of $67.42 billion, a price-to-earnings ratio of 34.11, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) 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.