Cape ANN Savings Bank Buys 271 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cape ANN Savings Bank grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,895 shares of the natural resource company’s stock after acquiring an additional 271 shares during the quarter. Cape ANN Savings Bank’s holdings in Freeport-McMoRan were worth $744,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. lifted its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth $26,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Freeport-McMoRan in the second quarter worth $27,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 4.3 %

Shares of Freeport-McMoRan stock opened at $48.59 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The company has a fifty day moving average of $44.40 and a 200 day moving average of $47.78. The company has a market capitalization of $69.80 billion, a P/E ratio of 43.00, a P/E/G 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 announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same period in the previous year, the firm posted $0.35 EPS. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analyst Weigh In

Several research firms recently commented on FCX. Scotiabank lifted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James increased their price objective 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. Morgan Stanley decreased their target price on shares of 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, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

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.