Freeport-McMoRan Inc. (NYSE:FCX) Stake Decreased by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,512 shares of the natural resource company’s stock after selling 475 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Freeport-McMoRan were worth $210,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC grew its stake in shares of Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares in the last quarter. Franklin Resources Inc. grew its position in Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after buying an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after buying an additional 2,255,529 shares during the period. Capital Wealth Planning LLC raised its position in shares of Freeport-McMoRan by 34.9% during the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock worth $288,833,000 after buying an additional 1,538,560 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research analyst reports. Morgan Stanley lowered their price objective 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. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $51.00 to $46.00 in a report on Tuesday. Jefferies Financial Group dropped their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.96.

Freeport-McMoRan Trading Up 0.5 %

Freeport-McMoRan stock opened at $38.77 on Wednesday. The company has a 50 day moving average price of $42.32 and a 200 day moving average price of $44.81. 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 Inc. has a 52 week low of $36.26 and a 52 week high of $55.24. The firm has a market capitalization of $55.71 billion, a price-to-earnings ratio of 28.30, a P/E/G ratio of 2.90 and a beta of 1.86.

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, 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 the consensus estimate of $6.45 billion. During the same period in the prior year, the business earned $0.39 EPS. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts forecast that Freeport-McMoRan Inc. will post 1.49 EPS for the current year.

Freeport-McMoRan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a $0.15 dividend. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.55%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.