Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Quotient Wealth Partners LLC

Quotient Wealth Partners LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,172 shares of the natural resource company’s stock after selling 629 shares during the period. Quotient Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $558,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. Cypress Wealth Services LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $309,000. Advocate Group LLC lifted its holdings in Freeport-McMoRan by 8.4% during the 3rd quarter. Advocate Group LLC now owns 53,828 shares of the natural resource company’s stock worth $2,687,000 after buying an additional 4,157 shares in the last quarter. Perpetual Ltd boosted its position in Freeport-McMoRan by 12.7% in the 3rd quarter. Perpetual Ltd now owns 2,100,461 shares of the natural resource company’s stock valued at $104,855,000 after buying an additional 235,950 shares during the period. Finally, BSN CAPITAL PARTNERS Ltd acquired a new position in shares of Freeport-McMoRan in the third quarter worth $8,889,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FCX shares. Raymond James increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley lowered their price target 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Stock Up 1.4 %

Shares of NYSE FCX opened at $49.54 on Friday. The business has a 50-day moving average price of $44.59 and a 200 day moving average price of $47.80. The stock has a market cap of $71.18 billion, a PE ratio of 37.53, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating 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 return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm 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 dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 22.73%.

About Freeport-McMoRan

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.