Weatherly Asset Management L. P. Decreases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Weatherly Asset Management L. P. lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,716 shares of the natural resource company’s stock after selling 1,765 shares during the period. Weatherly Asset Management L. P.’s holdings in Freeport-McMoRan were worth $1,633,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FCX. Ashton Thomas Private Wealth LLC increased its stake in shares of Freeport-McMoRan by 3.5% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 19,091 shares of the natural resource company’s stock worth $898,000 after purchasing an additional 649 shares during the last quarter. Norden Group LLC grew its stake in Freeport-McMoRan by 28.2% in the 1st quarter. Norden Group LLC now owns 16,659 shares of the natural resource company’s stock valued at $783,000 after buying an additional 3,665 shares in the last quarter. J.W. Cole Advisors Inc. grew its stake in Freeport-McMoRan by 14.3% in the 1st quarter. J.W. Cole Advisors Inc. now owns 13,751 shares of the natural resource company’s stock valued at $647,000 after buying an additional 1,719 shares in the last quarter. Private Advisor Group LLC grew its stake in Freeport-McMoRan by 16.8% in the 1st quarter. Private Advisor Group LLC now owns 73,668 shares of the natural resource company’s stock valued at $3,464,000 after buying an additional 10,612 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in Freeport-McMoRan by 2.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 631,412 shares of the natural resource company’s stock valued at $29,689,000 after buying an additional 14,650 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.3 %

Shares of NYSE FCX opened at $45.59 on Friday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The stock has a market capitalization of $65.51 billion, a P/E ratio of 33.28, a PEG ratio of 1.97 and a beta of 1.90. The firm’s 50 day simple moving average is $46.20 and its two-hundred day simple moving average is $47.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.66%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analyst Ratings Changes

FCX has been the subject of a number of recent research reports. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group upgraded shares of 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 research note on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Scotiabank cut their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan 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.