Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Castleark Management LLC

Castleark Management LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 98.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,550 shares of the natural resource company's stock after selling 319,450 shares during the quarter. Castleark Management LLC's holdings in Freeport-McMoRan were worth $227,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Matrix Trust Co acquired a new position in Freeport-McMoRan in the third quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan during the second quarter worth $25,000. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after buying an additional 480 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan in the second quarter valued at $27,000. Finally, Godsey & Gibb Inc. raised its position in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company's stock worth $29,000 after acquiring an additional 346 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented 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. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. Scotiabank cut their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a research note on Wednesday, October 23rd. Finally, Raymond James lifted 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. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.92.

Freeport-McMoRan Trading Down 1.7 %

Shares of FCX traded down $0.72 during mid-day trading on Friday, reaching $42.07. The stock had a trading volume of 9,468,947 shares, compared to its average volume of 11,588,606. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The firm has a market cap of $60.45 billion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 16.98 and a beta of 1.86. The business's fifty day moving average is $46.27 and its 200 day moving average is $46.47. 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 (NYSE:FCX - Get Free Report) last posted its quarterly 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. The business had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal 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 given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.71%. Freeport-McMoRan's dividend payout ratio is currently 21.90%.

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.