First Horizon Advisors Inc. Sells 2,394 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

First Horizon Advisors Inc. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 71.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 946 shares of the natural resource company’s stock after selling 2,394 shares during the period. First Horizon Advisors Inc.’s holdings in Freeport-McMoRan were worth $47,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Freeport-McMoRan by 125.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 442,636 shares of the natural resource company’s stock valued at $22,096,000 after acquiring an additional 246,555 shares during the last quarter. Jennison Associates LLC raised its position in Freeport-McMoRan by 26.0% during the 3rd quarter. Jennison Associates LLC now owns 312,201 shares of the natural resource company’s stock valued at $15,585,000 after purchasing an additional 64,350 shares during the last quarter. Commerce Bank lifted its holdings in Freeport-McMoRan by 21.0% in the 3rd quarter. Commerce Bank now owns 412,493 shares of the natural resource company’s stock worth $20,592,000 after buying an additional 71,643 shares during the period. Prospera Private Wealth LLC grew its position in shares of Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after buying an additional 234 shares during the last quarter. Finally, Avior Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 1.6% during the third quarter. Avior Wealth Management LLC now owns 66,890 shares of the natural resource company’s stock valued at $3,339,000 after buying an additional 1,034 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 0.1 %

NYSE FCX opened at $43.72 on Monday. The company’s 50-day simple moving average is $46.87 and its two-hundred day simple moving average is $47.10. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The company has a market capitalization of $62.82 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same period last year, the business posted $0.39 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Analyst Upgrades and Downgrades

FCX has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.