Keudell Morrison Wealth Management Sells 763 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Keudell Morrison Wealth Management reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,129 shares of the natural resource company’s stock after selling 763 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Freeport-McMoRan were worth $406,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $25,000. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% in the second 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. Lynx Investment Advisory purchased a new position in Freeport-McMoRan in the 2nd quarter worth about $26,000. Finally, LRI Investments LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at about $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 4.8 %

NYSE FCX traded up $2.24 on Thursday, hitting $49.11. The stock had a trading volume of 3,001,610 shares, compared to its average volume of 12,857,703. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The business’s fifty day moving average price is $46.31 and its 200 day moving average price is $47.59. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market cap of $70.56 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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 firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analysts Set New Price Targets

A number of brokerages have recently commented on FCX. Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank dropped their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.