Landscape Capital Management L.L.C. Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Landscape Capital Management L.L.C. cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 72.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,476 shares of the natural resource company’s stock after selling 12,009 shares during the quarter. Landscape Capital Management L.L.C.’s holdings in Freeport-McMoRan were worth $223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Hazlett Burt & Watson Inc. boosted its position in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $25,000. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the third quarter valued at $25,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $26,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 1.6 %

NYSE FCX opened at $44.40 on Tuesday. The stock’s 50-day moving average price is $46.90 and its 200-day moving average price is $47.05. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The company has a market capitalization of $63.80 billion, a P/E ratio of 32.41, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the business posted $0.39 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors 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 0.68%. 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

A number of research analysts have weighed in on FCX shares. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.