Mizuho Securities USA LLC Cuts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Mizuho Securities USA LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 15.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,172 shares of the natural resource company’s stock after selling 17,586 shares during the quarter. Mizuho Securities USA LLC’s holdings in Freeport-McMoRan were worth $4,651,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. raised its stake in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $25,000. LRI Investments LLC purchased a new position in Freeport-McMoRan during the first quarter valued at $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the second quarter worth about $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the subject of a number of recent analyst reports. Scotiabank decreased their price objective 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. 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. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Six equities 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’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Up 0.0 %

FCX stock opened at $43.72 on Friday. The company has a market capitalization of $62.82 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 1.90 and a beta of 1.91. The firm’s fifty day simple moving average is $46.85 and its 200-day simple moving average is $47.20. 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 Inc. has a 12 month low of $36.04 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.69%. 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.