Pitcairn Co. Sells 1,245 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Pitcairn Co. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 10.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,709 shares of the natural resource company’s stock after selling 1,245 shares during the period. Pitcairn Co.’s holdings in Freeport-McMoRan were worth $535,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Swedbank AB bought a new position in shares of Freeport-McMoRan in the 1st quarter worth $162,464,000. Los Angeles Capital Management LLC grew its stake in Freeport-McMoRan by 423.5% in the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after purchasing an additional 2,255,529 shares during the last quarter. Capital Wealth Planning LLC raised its holdings in Freeport-McMoRan by 34.9% in the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock worth $288,833,000 after purchasing an additional 1,538,560 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Freeport-McMoRan by 5,249.5% during the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after buying an additional 1,316,261 shares during the last quarter. Finally, Wulff Hansen & CO. boosted its holdings in shares of Freeport-McMoRan by 4,760.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock valued at $58,234,000 after buying an additional 1,173,578 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $44.40 on Tuesday. 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 stock has a market capitalization of $63.80 billion, a PE ratio of 32.41, a P/E/G ratio of 1.89 and a beta of 1.91. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company has a fifty day moving average of $46.90 and a two-hundred day moving average of $47.05.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the company posted $0.39 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank dropped their target price 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 raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

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.