Foundation Resource Management Inc. Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

Foundation Resource Management Inc. lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 228,985 shares of the natural resource company’s stock after selling 5,780 shares during the quarter. Freeport-McMoRan accounts for 1.8% of Foundation Resource Management Inc.’s holdings, making the stock its 22nd largest holding. Foundation Resource Management Inc.’s holdings in Freeport-McMoRan were worth $11,431,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Strong Tower Advisory Services increased its position in shares of Freeport-McMoRan by 40.8% during the third quarter. Strong Tower Advisory Services now owns 105,477 shares of the natural resource company’s stock valued at $5,265,000 after acquiring an additional 30,555 shares during the last quarter. Hoese & Co LLP acquired a new position in shares of Freeport-McMoRan during the third quarter worth about $100,000. LifePro Asset Management grew its position in shares of Freeport-McMoRan by 2.5% during the third quarter. LifePro Asset Management now owns 15,236 shares of the natural resource company’s stock worth $761,000 after buying an additional 377 shares in the last quarter. Capital Insight Partners LLC increased its stake in shares of Freeport-McMoRan by 5.3% during the third quarter. Capital Insight Partners LLC now owns 12,758 shares of the natural resource company’s stock worth $637,000 after buying an additional 645 shares during the period. Finally, Matrix Trust Co acquired a new stake in Freeport-McMoRan in the third quarter valued at approximately $25,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley decreased their target price 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. Six research 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 company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Freeport-McMoRan Price Performance

Shares of FCX opened at $50.03 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a market capitalization of $71.89 billion, a PE ratio of 37.90, a P/E/G ratio of 2.03 and a beta of 1.90. The stock’s 50 day moving average is $44.75 and its two-hundred day moving average is $47.83.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given 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 payout ratio is 22.73%.

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.