UMB Bank n.a. Has $305,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

UMB Bank n.a. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,105 shares of the natural resource company’s stock after selling 366 shares during the quarter. UMB Bank n.a.’s holdings in Freeport-McMoRan were worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Hazlett Burt & Watson Inc. boosted its holdings in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan during the first quarter worth $26,000. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the second quarter worth $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Freeport-McMoRan in the second quarter valued at $27,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FCX. Raymond James increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank lifted their price target on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Stock Up 1.0 %

Shares of NYSE:FCX opened at $50.03 on Friday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a market capitalization of $71.89 billion, a PE ratio of 37.90, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The business has a fifty day moving average price of $44.75 and a two-hundred day moving average price of $47.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

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

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

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.