Ashton Thomas Securities LLC Sells 11,852 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Ashton Thomas Securities LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 71.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,658 shares of the natural resource company’s stock after selling 11,852 shares during the quarter. Ashton Thomas Securities LLC’s holdings in Freeport-McMoRan were worth $233,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Deane Retirement Strategies Inc. lifted its position in shares of Freeport-McMoRan by 0.4% in the 3rd 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 during the period. Kingsview Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Koshinski Asset Management Inc. lifted its position in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares during the period. Trust Co. of Vermont lifted its position in shares of Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the period. Finally, Fidelis Capital Partners LLC lifted its position in shares of Freeport-McMoRan by 2.0% in the 3rd 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 during the period. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank dropped their target price on shares of 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, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $44.90 on Tuesday. Freeport-McMoRan Inc. has a 1 year low of $33.38 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a market cap of $64.52 billion, a price-to-earnings ratio of 32.77, a PEG ratio of 1.98 and a beta of 1.91. The company has a fifty day moving average price of $46.46 and a 200-day moving average price of $47.54.

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, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. As a group, equities research analysts predict 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. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.67%. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.