Hourglass Capital LLC Sells 4,400 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hourglass Capital LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 145,465 shares of the natural resource company’s stock after selling 4,400 shares during the period. Freeport-McMoRan accounts for 2.0% of Hourglass Capital LLC’s holdings, making the stock its 16th biggest position. Hourglass Capital LLC’s holdings in Freeport-McMoRan were worth $7,262,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Regal Partners Ltd raised its stake in shares of Freeport-McMoRan by 107.8% during the 3rd quarter. Regal Partners Ltd now owns 2,061,170 shares of the natural resource company’s stock worth $102,894,000 after purchasing an additional 1,069,073 shares in the last quarter. Plato Investment Management Ltd raised its stake in shares of Freeport-McMoRan by 22.2% during the 3rd quarter. Plato Investment Management Ltd now owns 61,342 shares of the natural resource company’s stock worth $3,059,000 after purchasing an additional 11,136 shares in the last quarter. Mizuho Securities Co. Ltd. raised its stake in shares of Freeport-McMoRan by 639.5% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 2,810 shares of the natural resource company’s stock worth $140,000 after purchasing an additional 2,430 shares in the last quarter. ICICI Prudential Asset Management Co Ltd raised its stake in shares of Freeport-McMoRan by 30.4% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 49,330 shares of the natural resource company’s stock worth $2,463,000 after purchasing an additional 11,500 shares in the last quarter. Finally, Angeles Investment Advisors LLC raised its stake in shares of Freeport-McMoRan by 12.8% during the 3rd quarter. Angeles Investment Advisors LLC now owns 5,387 shares of the natural resource company’s stock worth $269,000 after purchasing an additional 613 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FCX shares. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank dropped their price target on 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 increased their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley lowered their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six 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’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Performance

FCX opened at $43.13 on Thursday. The firm has a market cap of $61.96 billion, a P/E ratio of 31.48, a price-to-earnings-growth ratio of 1.88 and a beta of 1.91. Freeport-McMoRan Inc. has a 52-week low of $34.55 and a 52-week high of $55.24. 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 business’s fifty day moving average is $46.54 and its 200-day moving average is $47.46.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 business 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 period last year, the firm posted $0.39 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 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.