Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.7% in the third quarter, HoldingsChannel reports. The firm owned 281,887 shares of the natural resource company’s stock after selling 7,949 shares during the period. Amalgamated Bank’s holdings in Freeport-McMoRan were worth $14,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Sentry Investment Management LLC boosted its stake in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Sentry Investment Management LLC now owns 17,727 shares of the natural resource company’s stock valued at $885,000 after buying an additional 699 shares during the last quarter. Greenwood Capital Associates LLC grew its holdings in Freeport-McMoRan by 61.3% during the 3rd quarter. Greenwood Capital Associates LLC now owns 92,695 shares of the natural resource company’s stock worth $4,627,000 after acquiring an additional 35,232 shares in the last quarter. Catalyst Capital Advisors LLC increased its position in shares of Freeport-McMoRan by 25.4% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 18,678 shares of the natural resource company’s stock worth $932,000 after purchasing an additional 3,778 shares during the last quarter. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 158.3% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,346 shares of the natural resource company’s stock valued at $67,000 after purchasing an additional 825 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. lifted its position in shares of Freeport-McMoRan by 6.4% during the third quarter. Quintet Private Bank Europe S.A. now owns 6,550 shares of the natural resource company’s stock worth $327,000 after purchasing an additional 395 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the topic of several research reports. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. 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 MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Price Performance

Shares of FCX opened at $47.00 on Wednesday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The stock’s fifty day moving average is $46.22 and its 200-day moving average is $47.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm has a market capitalization of $67.53 billion, a price-to-earnings ratio of 34.31, a price-to-earnings-growth ratio of 1.95 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. 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. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. 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.