Perkins Coie Trust Co Reduces Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Perkins Coie Trust Co reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,236 shares of the natural resource company’s stock after selling 576 shares during the period. Perkins Coie Trust Co’s holdings in Freeport-McMoRan were worth $1,570,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FCX. Clarius Group LLC raised its holdings in Freeport-McMoRan by 12.8% in the 4th quarter. Clarius Group LLC now owns 8,823 shares of the natural resource company’s stock worth $336,000 after purchasing an additional 999 shares during the period. Aaron Wealth Advisors LLC increased its position in Freeport-McMoRan by 0.3% in the fourth quarter. Aaron Wealth Advisors LLC now owns 316,973 shares of the natural resource company’s stock worth $12,070,000 after buying an additional 825 shares in the last quarter. TruWealth Advisors LLC raised its stake in shares of Freeport-McMoRan by 1,513.4% in the fourth quarter. TruWealth Advisors LLC now owns 268,639 shares of the natural resource company’s stock worth $10,230,000 after buying an additional 251,989 shares during the period. HB Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 7.5% during the 4th quarter. HB Wealth Management LLC now owns 27,315 shares of the natural resource company’s stock valued at $1,040,000 after buying an additional 1,897 shares in the last quarter. Finally, Shelton Wealth Management LLC grew its stake in shares of Freeport-McMoRan by 41.2% during the 4th quarter. Shelton Wealth Management LLC now owns 26,130 shares of the natural resource company’s stock valued at $995,000 after acquiring an additional 7,620 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on FCX. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Jefferies Financial Group cut their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Raymond James boosted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Scotiabank cut their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Stock Up 0.6 %

NYSE FCX opened at $40.27 on Friday. The stock has a 50 day moving average price of $41.25 and a 200-day moving average price of $44.31. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year 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 company has a market capitalization of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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. 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 analysts’ expectations of $6.45 billion. During the same period last year, the company posted $0.39 EPS. The business’s revenue was up 16.6% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 annualized dividend and a yield of 1.49%. Freeport-McMoRan’s payout ratio is currently 21.90%.

About Freeport-McMoRan

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.