Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Increased by Perkins Coie Trust Co

Perkins Coie Trust Co boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,812 shares of the natural resource company’s stock after purchasing an additional 1,542 shares during the quarter. Perkins Coie Trust Co’s holdings in Freeport-McMoRan were worth $2,087,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities analysts have commented on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Raymond James boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Freeport-McMoRan Stock Down 0.7 %

FCX stock traded down $0.32 during trading hours on Wednesday, hitting $48.27. The company’s stock had a trading volume of 943,444 shares, compared to its average volume of 13,238,744. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $69.34 billion, a PE ratio of 43.00, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a 50 day moving average price of $44.40 and a two-hundred day moving average price of $47.78.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Freeport-McMoRan’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend 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%.

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.