Nwam LLC Sells 1,544 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Nwam LLC cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% in the third quarter, HoldingsChannel reports. The firm owned 117,400 shares of the natural resource company’s stock after selling 1,544 shares during the period. Nwam LLC’s holdings in Freeport-McMoRan were worth $5,861,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its holdings in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the 2nd quarter valued at about $25,000. Matrix Trust Co purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $25,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. Morgan Stanley cut their price objective 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. Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank cut their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 0.2 %

NYSE:FCX opened at $43.67 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The company has a market cap of $62.75 billion, a PE ratio of 31.91, a P/E/G ratio of 1.90 and a beta of 1.91. The company’s 50 day moving average is $46.85 and its two-hundred day moving average is $47.20.

Freeport-McMoRan (NYSE:FCX) last issued 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 company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the business posted $0.39 EPS. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. 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 is currently 21.90%.

Freeport-McMoRan Company 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.