Community Bank N.A. Has $1.29 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Community Bank N.A. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,879 shares of the natural resource company’s stock after acquiring an additional 4,659 shares during the quarter. Community Bank N.A.’s holdings in Freeport-McMoRan were worth $1,292,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Deane Retirement Strategies Inc. boosted its stake in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares during the last quarter. Koshinski Asset Management Inc. boosted its stake in Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont grew its holdings in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after acquiring an additional 228 shares during the period. Fidelis Capital Partners LLC raised its position in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after acquiring an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC lifted its stake in shares of Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares during the period. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FCX. Scotiabank decreased their price objective 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. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. UBS Group raised 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. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $44.20 on Monday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $46.87 and a 200 day simple moving average of $46.85. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The stock has a market capitalization of $63.51 billion, a PE ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91.

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, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the business posted $0.39 EPS. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal 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 issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Freeport-McMoRan 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.