Synovus Financial Corp Has $5.40 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Synovus Financial Corp lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 21.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 108,235 shares of the natural resource company’s stock after acquiring an additional 19,389 shares during the quarter. Synovus Financial Corp’s holdings in Freeport-McMoRan were worth $5,403,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Tidal Investments LLC grew its stake in Freeport-McMoRan by 6.2% during the 3rd quarter. Tidal Investments LLC now owns 155,081 shares of the natural resource company’s stock valued at $7,742,000 after acquiring an additional 8,995 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Freeport-McMoRan during the third quarter valued at approximately $754,000. World Investment Advisors LLC acquired a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $246,000. Sanctuary Advisors LLC lifted its position in Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after buying an additional 14,501 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co boosted its stake in shares of Freeport-McMoRan by 5.0% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company’s stock valued at $514,000 after buying an additional 490 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank cut their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. JPMorgan Chase & Co. raised their price objective 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. Finally, Raymond James increased their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.92.

Freeport-McMoRan Trading Down 1.2 %

Freeport-McMoRan stock opened at $41.59 on Friday. The business’s 50-day simple moving average is $45.51 and its 200-day simple moving average is $46.20. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24. The firm has a market capitalization of $59.75 billion, a PE ratio of 30.35, a PEG ratio of 3.00 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.49 earnings per share 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 $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.72%. Freeport-McMoRan’s dividend payout ratio is 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.