Western Pacific Wealth Management LP Sells 573 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Western Pacific Wealth Management LP reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% during the third quarter, HoldingsChannel reports. The firm owned 2,201 shares of the natural resource company’s stock after selling 573 shares during the period. Western Pacific Wealth Management LP’s holdings in Freeport-McMoRan were worth $110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth $25,000. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth $25,000. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter worth $26,000. Finally, LRI Investments LLC bought a new position in Freeport-McMoRan in the first quarter worth approximately $26,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley dropped their target price 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Scotiabank decreased their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Six 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 company. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Up 3.6 %

Shares of NYSE FCX opened at $48.58 on Friday. 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 stock has a market capitalization of $69.80 billion, a PE ratio of 35.46, a P/E/G ratio of 1.98 and a beta of 1.91. The firm has a fifty day moving average of $46.41 and a 200-day moving average of $47.60. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released 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 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 previous year, the firm earned $0.39 EPS. The company’s revenue was up 16.6% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio 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.