Frank Rimerman Advisors LLC Trims Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

by · The Markets Daily

Frank Rimerman Advisors LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,724 shares of the natural resource company’s stock after selling 527 shares during the period. Frank Rimerman Advisors LLC’s holdings in Freeport-McMoRan were worth $535,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $25,000. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the 2nd quarter valued at about $26,000. Finally, LRI Investments LLC acquired a new position in Freeport-McMoRan in the 1st quarter valued at about $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $46.60 on Monday. The stock has a 50 day moving average price of $45.99 and a 200 day moving average price of $47.78. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $66.96 billion, a price-to-earnings ratio of 34.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the company posted $0.39 earnings per share. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 1.59 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analyst Ratings Changes

Several equities analysts have weighed in on FCX shares. Raymond James lifted their target price on 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 downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley dropped 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Check Out Our Latest Report on Freeport-McMoRan

About Freeport-McMoRan

(Free Report)

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.

Read More

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).