Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Barnett & Company Inc.

Barnett & Company Inc. decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 38.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,714 shares of the natural resource company's stock after selling 18,300 shares during the quarter. Barnett & Company Inc.'s holdings in Freeport-McMoRan were worth $1,433,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Deane Retirement Strategies Inc. grew its position in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company's stock worth $2,357,000 after buying an additional 201 shares in the last quarter. Kingsview Wealth Management LLC boosted its position in Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company's stock valued at $247,000 after purchasing an additional 214 shares in the last quarter. Koshinski Asset Management Inc. boosted its position in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company's stock valued at $1,037,000 after purchasing an additional 214 shares in the last quarter. Trust Co. of Vermont boosted its position in Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company's stock valued at $228,000 after purchasing an additional 228 shares in the last quarter. Finally, Fidelis Capital Partners LLC boosted its position in Freeport-McMoRan by 2.0% during 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 in the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $1.30 during trading on Tuesday, hitting $43.60. The stock had a trading volume of 17,747,121 shares, compared to its average volume of 12,940,654. Freeport-McMoRan Inc. has a 12-month low of $33.38 and a 12-month high of $55.24. The stock has a market capitalization of $62.65 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91. 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 50-day simple moving average of $46.46 and a two-hundred day simple moving average of $47.54.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FCX. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $54.00.

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.