Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Reduced by Enterprise Bank & Trust Co

Enterprise Bank & Trust Co cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,867 shares of the natural resource company’s stock after selling 398 shares during the period. Enterprise Bank & Trust Co’s holdings in Freeport-McMoRan were worth $1,213,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in FCX. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $27,000. Godsey & Gibb Inc. boosted its holdings in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC raised its holdings in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX stock traded up $0.22 during trading on Monday, hitting $39.20. The company had a trading volume of 6,545,072 shares, compared to its average volume of 12,405,443. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average price of $41.96 and a two-hundred day moving average price of $44.59. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24. The company has a market cap of $56.33 billion, a P/E ratio of 28.61, a P/E/G ratio of 2.90 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.53%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Morgan Stanley dropped their price target 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. Scotiabank dropped their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Jefferies Financial Group cut their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $52.96.

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.