Bard Financial Services Inc. Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Bard Financial Services Inc. lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 33.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,460 shares of the natural resource company’s stock after selling 2,750 shares during the quarter. Bard Financial Services Inc.’s holdings in Freeport-McMoRan were worth $273,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tompkins Financial Corp raised its holdings in shares of Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares during the period. Deane Retirement Strategies Inc. boosted its position in shares of Freeport-McMoRan by 0.4% during the 3rd 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 in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of 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. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after purchasing an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.6 %

Shares of FCX traded up $0.78 during trading hours on Friday, hitting $50.55. The stock had a trading volume of 11,510,330 shares, compared to its average volume of 13,326,417. 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 firm has a market cap of $72.61 billion, a P/E ratio of 44.73, a P/E/G ratio of 2.89 and a beta of 1.90. The company’s fifty day simple moving average is $44.18 and its 200 day simple moving average is $47.71. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 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 analyst estimates of $6 billion. During the same period last year, the company posted $0.35 earnings per share. The firm’s revenue was up 15.5% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS 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 $0.075 dividend. 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 (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Six 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Company 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.