Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,956 shares of the natural resource company’s stock after selling 440 shares during the period. Fulton Bank N.A.’s holdings in Freeport-McMoRan were worth $447,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Capital International Investors acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $417,752,000. Capital World Investors increased its position in shares of Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $197,966,000. Finally, Swedbank AB acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 4.3 %

NYSE:FCX opened at $48.59 on Wednesday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year 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. The stock has a fifty day moving average price of $44.40 and a two-hundred day moving average price of $47.78. The stock has a market capitalization of $69.80 billion, a price-to-earnings ratio of 43.00, a PEG ratio of 2.89 and a beta of 1.90.

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. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 EPS. As a group, 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 company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James raised their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, Scotiabank raised their price target on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday. Six 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’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average 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.