Goelzer Investment Management Inc. Sells 6,013 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Goelzer Investment Management Inc. reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,052 shares of the natural resource company’s stock after selling 6,013 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Freeport-McMoRan were worth $4,595,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Tompkins Financial Corp raised its holdings in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after buying an additional 200 shares during the period. Deane Retirement Strategies Inc. raised its holdings in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares during the period. Finally, Kingsview Wealth Management LLC increased its holdings in Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research reports. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Scotiabank cut shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price target on the stock. in a research report on Monday, September 30th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Performance

NYSE FCX traded up $0.78 during trading on Friday, reaching $50.55. 11,510,330 shares of the company’s stock were exchanged, compared to its average volume of 13,326,417. 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 price of $44.18 and a 200-day moving average price of $47.69. The stock has a market capitalization of $72.61 billion, a P/E ratio of 44.73, a PEG ratio of 2.89 and a beta of 1.90. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the firm earned $0.35 EPS. The firm’s revenue was up 15.5% compared to the same quarter last year. 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 issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 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.