Atria Investments Inc Sells 33,244 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Atria Investments Inc lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 36.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,025 shares of the natural resource company's stock after selling 33,244 shares during the period. Atria Investments Inc's holdings in Freeport-McMoRan were worth $2,947,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in Freeport-McMoRan by 22.0% in 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 period. Capital International Investors bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $417,752,000. Capital World Investors boosted its stake in Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company's stock valued at $712,600,000 after purchasing an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd bought a new position in Freeport-McMoRan in the 1st quarter worth about $197,966,000. Finally, Swedbank AB acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $162,464,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 0.3 %

NYSE FCX traded up $0.14 on Thursday, hitting $43.26. 11,904,294 shares of the company were exchanged, compared to its average volume of 12,931,717. The company's 50 day moving average price is $46.54 and its 200-day moving average price is $47.46. The firm has a market capitalization of $62.16 billion, a P/E ratio of 31.48, a price-to-earnings-growth ratio of 1.88 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a twelve month low of $35.29 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business's quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's payout ratio is presently 21.90%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Scotiabank lowered their target price 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. Royal Bank of Canada restated a "sector perform" rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Morgan Stanley dropped 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 report on Thursday, September 19th. Finally, StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.00.

Freeport-McMoRan Company 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.