Edgestream Partners L.P. Sells 44,591 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Edgestream Partners L.P. cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 84.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,989 shares of the natural resource company's stock after selling 44,591 shares during the period. Edgestream Partners L.P.'s holdings in Freeport-McMoRan were worth $399,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. grew its holdings 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 worth $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the 3rd quarter worth about $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $27,000. Finally, RFP Financial Group LLC lifted its holdings in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company's stock valued at $29,000 after buying an additional 426 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FCX shares. Scotiabank reduced their price target on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a report on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Finally, StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded down $0.70 during midday trading on Friday, hitting $42.09. 4,725,725 shares of the company's stock were exchanged, compared to its average volume of 12,807,082. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The company's 50 day moving average price is $46.46 and its 200 day moving average price is $46.62. The firm has a market capitalization of $60.48 billion, a PE ratio of 31.21, a price-to-earnings-growth ratio of 17.29 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the company posted $0.39 EPS. The firm's quarterly revenue was up 16.6% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.71%. Freeport-McMoRan's dividend payout ratio (DPR) 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.