Graypoint LLC Sells 385 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Graypoint LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 10,416 shares of the natural resource company’s stock after selling 385 shares during the quarter. Graypoint LLC’s holdings in Freeport-McMoRan were worth $397,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the 3rd quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $27,000. Godsey & Gibb Inc. boosted its holdings in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the period. Finally, Continuum Advisory LLC grew its position in shares of Freeport-McMoRan by 46.8% in the third 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 in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $38.99 on Friday. The company has a market capitalization of $56.03 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 2.90 and a beta of 1.87. The business has a 50 day moving average of $41.96 and a 200 day moving average of $44.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24.

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, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FCX. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating 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 stock a “neutral” rating in a research note on Tuesday, October 15th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Jefferies Financial Group lowered their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. 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 company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $52.96.

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.