Freeport-McMoRan Inc. (NYSE:FCX) Holdings Lowered by Quad Cities Investment Group LLC

Quad Cities Investment Group LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.9% during the third quarter, Holdings Channel reports. The fund owned 8,972 shares of the natural resource company’s stock after selling 1,098 shares during the quarter. Quad Cities Investment Group LLC’s holdings in Freeport-McMoRan were worth $448,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. ICA Group Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth $77,000. CWM LLC increased its position in shares of Freeport-McMoRan by 13.8% during the 1st quarter. CWM LLC now owns 42,556 shares of the natural resource company’s stock worth $2,001,000 after purchasing an additional 5,162 shares in the last quarter. NBC Securities Inc. grew its holdings in Freeport-McMoRan by 7.7% during the 1st quarter. NBC Securities Inc. now owns 17,109 shares of the natural resource company’s stock worth $814,000 after acquiring an additional 1,226 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in Freeport-McMoRan by 308.9% during the 1st quarter. Los Angeles Capital Management LLC now owns 31,124 shares of the natural resource company’s stock worth $1,463,000 after acquiring an additional 23,512 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Freeport-McMoRan by 29.0% during the 1st quarter. GAMMA Investing LLC now owns 10,959 shares of the natural resource company’s stock worth $515,000 after acquiring an additional 2,463 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FCX shares. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $53.29.

Freeport-McMoRan Trading Down 0.3 %

Shares of NYSE:FCX traded down $0.16 on Thursday, hitting $47.81. 3,655,349 shares of the company’s stock were exchanged, compared to its average volume of 13,120,820. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market capitalization of $68.68 billion, a price-to-earnings ratio of 42.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The business’s 50 day simple moving average is $45.20 and its two-hundred day simple moving average is $47.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

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.