Sentry Investment Management LLC Has $885,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Sentry Investment Management LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,727 shares of the natural resource company’s stock after buying an additional 699 shares during the period. Sentry Investment Management LLC’s holdings in Freeport-McMoRan were worth $885,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its holdings 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 worth $25,000 after purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the second quarter valued at $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth about $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter worth approximately $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the second quarter valued at approximately $26,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Scotiabank decreased their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $46.27 on Tuesday. The company has a market capitalization of $66.48 billion, a PE ratio of 33.77, a PEG ratio of 1.95 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average price is $46.20 and its 200-day moving average price is $47.64. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.65%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.