Park Avenue Securities LLC Has $1.10 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Park Avenue Securities LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 25.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,986 shares of the natural resource company’s stock after selling 7,626 shares during the quarter. Park Avenue Securities LLC’s holdings in Freeport-McMoRan were worth $1,098,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tompkins Financial Corp raised its position in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of 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 purchasing an additional 203 shares during the period. Proficio Capital Partners LLC lifted 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 valued at $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in Freeport-McMoRan by 4.3% during the first 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 during the period. Finally, MV Capital Management Inc. increased its position in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after buying an additional 221 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $48.59 on Wednesday. The firm has a market cap of $69.80 billion, a P/E ratio of 43.00, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The business’s fifty day moving average is $44.40 and its 200-day moving average is $47.78. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

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

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders 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 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

Analyst Ratings Changes

A number of analysts have recently issued reports on FCX shares. Scotiabank raised their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target 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.