Morse Asset Management Inc Has $842,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Morse Asset Management Inc cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 59.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,860 shares of the natural resource company's stock after selling 24,984 shares during the quarter. Morse Asset Management Inc's holdings in Freeport-McMoRan were worth $842,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

FCX has been the topic of several research analyst reports. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Raymond James increased 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. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.92.

Freeport-McMoRan Trading Down 2.3 %

FCX traded down $0.97 during midday trading on Thursday, reaching $42.03. 7,430,944 shares of the company were exchanged, compared to its average volume of 12,793,688. The stock has a market capitalization of $60.39 billion, a P/E ratio of 31.39, a PEG ratio of 16.60 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The stock's 50-day simple moving average is $45.84 and its 200 day simple moving average is $46.30. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. The company 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%. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. As a group, analysts forecast 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 given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Tuesday, October 15th. 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.