Lake Street Advisors Group LLC Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Lake Street Advisors Group LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,522 shares of the natural resource company’s stock after selling 2,409 shares during the period. Lake Street Advisors Group LLC’s holdings in Freeport-McMoRan were worth $475,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Ballentine Partners LLC boosted its holdings in Freeport-McMoRan by 1.8% in the third quarter. Ballentine Partners LLC now owns 16,575 shares of the natural resource company’s stock valued at $827,000 after acquiring an additional 291 shares in the last quarter. West Michigan Advisors LLC lifted its position in Freeport-McMoRan by 6.8% during the 3rd quarter. West Michigan Advisors LLC now owns 7,682 shares of the natural resource company’s stock valued at $383,000 after acquiring an additional 492 shares during the period. Woodard & Co. Asset Management Group Inc. ADV boosted its position in shares of Freeport-McMoRan by 10.7% in the 3rd quarter. Woodard & Co. Asset Management Group Inc. ADV now owns 36,157 shares of the natural resource company’s stock worth $1,805,000 after purchasing an additional 3,496 shares in the last quarter. Global Trust Asset Management LLC grew its stake in shares of Freeport-McMoRan by 59.1% in the third quarter. Global Trust Asset Management LLC now owns 3,502 shares of the natural resource company’s stock worth $175,000 after acquiring an additional 1,301 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Freeport-McMoRan by 12.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,764,414 shares of the natural resource company’s stock valued at $88,080,000 after purchasing an additional 200,516 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX opened at $46.60 on Friday. The business’s fifty day moving average is $45.99 and its 200 day moving average is $47.80. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. The company has a market capitalization of $66.96 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the company posted $0.39 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s payout ratio is 21.90%.

Analyst Ratings Changes

Several brokerages recently weighed in on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. boosted their price target on 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 lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, Scotiabank decreased their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus 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.