Adams Natural Resources Fund Inc. Sells 3,200 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Adams Natural Resources Fund Inc. reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 254,400 shares of the natural resource company’s stock after selling 3,200 shares during the quarter. Freeport-McMoRan accounts for about 1.9% of Adams Natural Resources Fund Inc.’s investment portfolio, making the stock its 15th largest holding. Adams Natural Resources Fund Inc.’s holdings in Freeport-McMoRan were worth $12,700,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in FCX. Brookstone Capital Management grew its position in shares of Freeport-McMoRan by 12.0% in the 1st quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock worth $386,000 after buying an additional 883 shares during the last quarter. Claro Advisors LLC grew its position in shares of Freeport-McMoRan by 9.0% in the 1st quarter. Claro Advisors LLC now owns 6,065 shares of the natural resource company’s stock worth $285,000 after buying an additional 501 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Freeport-McMoRan by 0.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,575,357 shares of the natural resource company’s stock worth $168,113,000 after buying an additional 16,040 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Freeport-McMoRan by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 155,595 shares of the natural resource company’s stock worth $7,316,000 after buying an additional 710 shares during the last quarter. Finally, Norden Group LLC grew its position in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FCX shares. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 0.3 %

Shares of NYSE:FCX opened at $46.57 on Wednesday. The stock has a fifty day simple moving average of $46.10 and a two-hundred day simple moving average of $47.73. The stock has a market capitalization of $66.91 billion, a price-to-earnings ratio of 33.99, a PEG ratio of 1.99 and a beta of 1.90. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its 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 business had revenue of $6.79 billion during 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s payout ratio 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.