Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Indiana Trust & Investment Management Co

Indiana Trust & Investment Management Co lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,771 shares of the natural resource company’s stock after selling 2,640 shares during the period. Indiana Trust & Investment Management Co’s holdings in Freeport-McMoRan were worth $638,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. SeaCrest Wealth Management LLC grew its holdings in Freeport-McMoRan by 1.9% in the third quarter. SeaCrest Wealth Management LLC now owns 18,797 shares of the natural resource company’s stock valued at $938,000 after purchasing an additional 358 shares during the period. Safeguard Financial LLC bought a new stake in Freeport-McMoRan during the third quarter valued at $242,000. Jamison Private Wealth Management Inc. lifted its position in shares of Freeport-McMoRan by 90.1% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 2,736 shares of the natural resource company’s stock worth $137,000 after buying an additional 1,297 shares during the last quarter. Opal Wealth Advisors LLC grew its position in shares of Freeport-McMoRan by 7.5% during the third quarter. Opal Wealth Advisors LLC now owns 5,216 shares of the natural resource company’s stock worth $260,000 after acquiring an additional 365 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC grew its position in Freeport-McMoRan by 17.5% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 252,436 shares of the natural resource company’s stock valued at $12,337,000 after buying an additional 37,656 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FCX shares. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.29.

Freeport-McMoRan Trading Up 0.9 %

NYSE:FCX traded up $0.42 during midday trading on Wednesday, hitting $47.70. 3,667,476 shares of the company traded hands, compared to its average volume of 13,150,298. The firm has a market capitalization of $68.52 billion, a P/E ratio of 41.86, a P/E/G ratio of 2.03 and a beta of 1.90. The firm’s fifty day moving average is $45.03 and its 200-day moving average is $47.88. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Freeport-McMoRan Company 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.