FORA Capital LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

FORA Capital LLC lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 87.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,029 shares of the natural resource company’s stock after selling 63,246 shares during the quarter. FORA Capital LLC’s holdings in Freeport-McMoRan were worth $451,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FCX. Matrix Trust Co acquired a new position in Freeport-McMoRan in the third quarter valued at $25,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. boosted its position in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory purchased a new position in Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, LRI Investments LLC acquired a new position in Freeport-McMoRan during the first quarter worth approximately $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE FCX opened at $43.76 on Friday. The stock has a market capitalization of $62.88 billion, a price-to-earnings ratio of 31.94, a price-to-earnings-growth ratio of 1.92 and a beta of 1.91. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The firm has a 50-day moving average price of $46.91 and a 200 day moving average price of $46.97. 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 (NYSE:FCX) last posted 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 company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Scotiabank decreased their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley dropped 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.