Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Pathstone Holdings LLC

Pathstone Holdings LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 12.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 134,712 shares of the natural resource company's stock after selling 18,938 shares during the period. Pathstone Holdings LLC's holdings in Freeport-McMoRan were worth $6,725,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FCX. Deane Retirement Strategies Inc. lifted its stake in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company's stock worth $2,357,000 after purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. grew its position in Freeport-McMoRan by 1.0% in 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 acquiring an additional 214 shares in the last quarter. Trust Co. of Vermont raised its stake in shares of 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 during the period. Fidelis Capital Partners LLC lifted its position in shares of 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 worth $560,000 after purchasing an additional 231 shares in the last quarter. Finally, Pure Financial Advisors LLC boosted its stake in shares of Freeport-McMoRan by 4.4% in the second quarter. Pure Financial Advisors LLC now owns 5,587 shares of the natural resource company's stock valued at $272,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Analysts Set New Price Targets

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

Freeport-McMoRan Stock Performance

NYSE FCX traded down $0.04 during trading hours on Friday, reaching $43.72. The company's stock had a trading volume of 9,109,792 shares, compared to its average volume of 10,827,095. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $46.87 and a 200 day simple moving average of $47.12. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The stock has a market cap of $62.82 billion, a PE ratio of 31.91, a PEG ratio of 1.89 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 earnings per share (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 the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business's revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal 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 given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. 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.