Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Black Swift Group LLC

Black Swift Group LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,350 shares of the natural resource company's stock after selling 11,800 shares during the period. Black Swift Group LLC's holdings in Freeport-McMoRan were worth $2,613,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Hazlett Burt & Watson Inc. lifted its stake 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 in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory acquired a new stake in Freeport-McMoRan during the second quarter valued at approximately $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 0.3 %

NYSE:FCX traded up $0.14 during midday trading 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 has a fifty day simple moving average of $46.54 and a 200 day simple moving average of $47.46. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a fifty-two week low of $35.29 and a fifty-two week high of $55.24. The company has a market capitalization of $62.16 billion, a PE ratio of 31.48, a price-to-earnings-growth ratio of 1.88 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 EPS. Freeport-McMoRan's quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share 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 dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's payout ratio is currently 21.90%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FCX. JPMorgan Chase & Co. increased 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. Morgan Stanley dropped their price target on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Six 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.