Natixis Advisors LLC Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Natixis Advisors LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 68.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 483,936 shares of the natural resource company's stock after selling 1,045,326 shares during the period. Natixis Advisors LLC's holdings in Freeport-McMoRan were worth $24,158,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Hazlett Burt & Watson Inc. raised its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd 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 in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the 3rd quarter worth $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the second quarter valued at $26,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Analysts Set New Price Targets

FCX has been the subject of a number of research reports. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. Scotiabank dropped their price target 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. Finally, StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Six investment 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 MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded up $0.30 during midday trading on Tuesday, hitting $43.85. The company had a trading volume of 7,432,001 shares, compared to its average volume of 12,901,417. The business has a 50-day simple moving average of $46.69 and a two-hundred day simple moving average of $47.29. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. 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 firm has a market capitalization of $63.01 billion, a price-to-earnings ratio of 31.79, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly 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 business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company's quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.39 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 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.