Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Lowered by AdvisorNet Financial Inc

AdvisorNet Financial Inc trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 30.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,220 shares of the natural resource company’s stock after selling 1,433 shares during the period. AdvisorNet Financial Inc’s holdings in Freeport-McMoRan were worth $123,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $27,000. Godsey & Gibb Inc. grew its stake in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Continuum Advisory LLC increased its holdings in shares of Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the period. Finally, Versant Capital Management Inc lifted its position in shares of Freeport-McMoRan by 194.4% in the fourth quarter. Versant Capital Management Inc now owns 1,042 shares of the natural resource company’s stock worth $40,000 after purchasing an additional 688 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research analyst reports. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group lowered their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. Scotiabank lowered their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Up 0.6 %

FCX opened at $40.27 on Friday. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. 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 business has a 50 day moving average price of $41.25 and a 200 day moving average price of $44.34. The firm has a market cap of $57.86 billion, a P/E ratio of 29.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts forecast that Freeport-McMoRan Inc. will post 1.46 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.