Community Bank N.A. Has $1.29 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Community Bank N.A. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 22.0% during the third quarter, Holdings Channel reports. The firm owned 25,879 shares of the natural resource company’s stock after acquiring an additional 4,659 shares during the period. Community Bank N.A.’s holdings in Freeport-McMoRan were worth $1,292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Easterly Investment Partners LLC lifted its holdings in shares of Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after acquiring an additional 85,542 shares during the period. Summit Global Investments grew its position in Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after acquiring an additional 71,883 shares during the last quarter. AIA Group Ltd boosted its stake in shares of Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after purchasing an additional 12,887 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Freeport-McMoRan by 33.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after purchasing an additional 107,852 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after buying an additional 35,972 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $44.20 on Monday. The stock’s 50 day moving average price is $46.87 and its two-hundred day moving average price is $46.85. The stock has a market capitalization of $63.51 billion, a price-to-earnings ratio of 32.26, a PEG ratio of 17.44 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly 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 analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period last year, the company posted $0.39 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed 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 of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FCX shares. Morgan Stanley lowered their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank cut their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, UBS Group raised 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. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average 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.