Canandaigua National Bank & Trust Co. Takes $299,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Canandaigua National Bank & Trust Co. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,987 shares of the natural resource company’s stock, valued at approximately $299,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares in the last quarter. Capital Research Global Investors increased its position in Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Fisher Asset Management LLC increased its position in Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Finally, Putnam Investments LLC increased its position in Freeport-McMoRan by 3.7% during the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth $708,677,000 after purchasing an additional 595,395 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Finally, Scotiabank cut shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price target for the company. in a research report on Monday, September 30th. Six research 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Up 1.6 %

Shares of NYSE FCX opened at $50.55 on Friday. The firm has a market cap of $72.61 billion, a PE ratio of 44.73, a P/E/G ratio of 2.89 and a beta of 1.90. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company’s fifty day simple moving average is $44.18 and its 200 day simple moving average is $47.71. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.59%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.