Cumberland Advisors Inc. Cuts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Cumberland Advisors Inc. cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 91,350 shares of the natural resource company’s stock after selling 500 shares during the quarter. Freeport-McMoRan makes up about 1.4% of Cumberland Advisors Inc.’s holdings, making the stock its 18th biggest position. Cumberland Advisors Inc.’s holdings in Freeport-McMoRan were worth $3,479,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its position in shares of 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 valued at $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the second quarter valued at $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan in the second quarter valued at $27,000. Finally, Strategic Financial Concepts LLC bought a new stake in Freeport-McMoRan in the 2nd quarter valued at about $29,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank decreased their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday. Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James raised their price objective 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. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.96.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $1.03 during trading on Wednesday, reaching $39.77. The company had a trading volume of 15,583,920 shares, compared to its average volume of 13,623,746. The company has a fifty day moving average of $42.32 and a two-hundred day moving average of $44.81. The stock has a market capitalization of $57.15 billion, a P/E ratio of 29.03, a price-to-earnings-growth ratio of 2.90 and a beta of 1.86. Freeport-McMoRan Inc. has a 12 month low of $36.26 and a 12 month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping 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 business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current year.

Freeport-McMoRan Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a $0.15 dividend. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.51%. Freeport-McMoRan’s dividend payout ratio is 21.90%.

Freeport-McMoRan 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.