Proficio Capital Partners LLC Sells 858 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Proficio Capital Partners LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the third quarter, Holdings Channel.com reports. The firm owned 51,757 shares of the natural resource company’s stock after selling 858 shares during the period. Proficio Capital Partners LLC’s holdings in Freeport-McMoRan were worth $2,584,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after buying an additional 1,210,833 shares during the last quarter. Capital Research Global Investors increased its position in shares of Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares during the last quarter. Capital World Investors lifted its position in Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Freeport-McMoRan by 1.4% during the 1st quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at $679,664,000 after purchasing an additional 200,877 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 4.6 %

Freeport-McMoRan stock opened at $46.36 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $66.61 billion, a P/E ratio of 33.84, a P/E/G ratio of 2.00 and a beta of 1.91. The firm has a 50 day moving average price of $46.45 and a 200-day moving average price of $47.58. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

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 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 business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the business posted $0.39 earnings per share. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Six equities 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. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price 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.