Kingfisher Capital LLC Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Kingfisher Capital LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,268 shares of the natural resource company’s stock after selling 5,935 shares during the period. Kingfisher Capital LLC’s holdings in Freeport-McMoRan were worth $4,606,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FCX. Virtu Financial LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at about $423,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Sanibel Captiva Trust Company Inc. raised its holdings in Freeport-McMoRan by 6.0% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 7,833 shares of the natural resource company’s stock worth $368,000 after acquiring an additional 441 shares during the last quarter. Cetera Investment Advisers raised its holdings in Freeport-McMoRan by 239.4% in the 1st quarter. Cetera Investment Advisers now owns 291,025 shares of the natural resource company’s stock worth $13,684,000 after acquiring an additional 205,286 shares during the last quarter. Finally, Cetera Advisors LLC boosted its stake in Freeport-McMoRan by 70.0% during the 1st quarter. Cetera Advisors LLC now owns 65,178 shares of the natural resource company’s stock valued at $3,065,000 after purchasing an additional 26,849 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $43.76 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The stock has a 50-day simple moving average of $46.91 and a two-hundred day simple moving average of $46.97. The firm has a market capitalization of $62.88 billion, a PE ratio of 31.94, a P/E/G ratio of 17.26 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.

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. 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 the consensus estimate of $6.45 billion. During the same period in the previous year, the company posted $0.39 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FCX shares. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. raised their price target 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. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Scotiabank cut 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 report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.