Trust Point Inc. Sells 605 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Trust Point Inc. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,828 shares of the natural resource company’s stock after selling 605 shares during the quarter. Trust Point Inc.’s holdings in Freeport-McMoRan were worth $341,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Aaron Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 316,148 shares of the natural resource company’s stock valued at $15,782,000 after acquiring an additional 1,106 shares during the last quarter. Stonegate Investment Group LLC grew its holdings in Freeport-McMoRan by 1.1% during the third quarter. Stonegate Investment Group LLC now owns 30,425 shares of the natural resource company’s stock valued at $1,519,000 after purchasing an additional 333 shares during the period. V Square Quantitative Management LLC increased its stake in Freeport-McMoRan by 23.2% in the third quarter. V Square Quantitative Management LLC now owns 5,623 shares of the natural resource company’s stock valued at $281,000 after purchasing an additional 1,060 shares in the last quarter. Addison Capital Co acquired a new stake in Freeport-McMoRan in the third quarter worth $203,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Freeport-McMoRan by 2.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 151,341 shares of the natural resource company’s stock worth $7,555,000 after purchasing an additional 2,927 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FCX shares. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank increased their price target on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley lowered their target price 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. Finally, Raymond James lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.29.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $48.18 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The stock has a market capitalization of $69.21 billion, a price-to-earnings ratio of 42.64, a PEG ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The business has a 50-day moving average of $45.48 and a 200-day moving average of $47.88.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm 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 business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 EPS. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 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.