Massmutual Trust Co. FSB ADV Sells 1,733 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Massmutual Trust Co. FSB ADV lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,754 shares of the natural resource company’s stock after selling 1,733 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Freeport-McMoRan were worth $2,184,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Trust Co. of Toledo NA OH lifted its holdings in shares of Freeport-McMoRan by 4.4% in the third quarter. Trust Co. of Toledo NA OH now owns 29,205 shares of the natural resource company’s stock valued at $1,458,000 after purchasing an additional 1,241 shares in the last quarter. Doliver Advisors LP lifted its holdings in Freeport-McMoRan by 28.8% during the third quarter. Doliver Advisors LP now owns 8,935 shares of the natural resource company’s stock worth $446,000 after acquiring an additional 2,000 shares during the period. First Financial Bank Trust Division lifted its holdings in Freeport-McMoRan by 1.6% during the third quarter. First Financial Bank Trust Division now owns 48,240 shares of the natural resource company’s stock worth $2,408,000 after acquiring an additional 740 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Freeport-McMoRan during the second quarter worth $1,143,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Freeport-McMoRan during the second quarter worth $27,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 2.1 %

Shares of NYSE:FCX opened at $49.77 on Friday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a market cap of $71.49 billion, a PE ratio of 43.97, a P/E/G ratio of 2.89 and a beta of 1.90. 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 stock’s 50-day moving average is $43.96 and its 200 day moving average is $47.63.

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 return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the business earned $0.35 EPS. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued 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 dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Morgan Stanley reduced their price target on 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 Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

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.