Freeport-McMoRan Inc. (NYSE:FCX) Position Cut by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 67,482 shares of the natural resource company’s stock after selling 6,408 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Freeport-McMoRan were worth $3,363,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of FCX. Matrix Trust Co bought a new position in Freeport-McMoRan in the 3rd quarter worth about $25,000. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. increased 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 during the period. University of Texas Texas AM Investment Management Co. bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $27,000. Finally, Godsey & Gibb Inc. boosted its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.2 %

Freeport-McMoRan stock opened at $41.59 on Friday. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The firm’s 50 day moving average price is $45.51 and its two-hundred day moving average price is $46.15. The firm has a market cap of $59.76 billion, a price-to-earnings ratio of 30.36, a price-to-earnings-growth ratio of 3.00 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the firm posted $0.39 EPS. The company’s quarterly revenue was up 16.6% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.49 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.72%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FCX shares. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $53.92.

About Freeport-McMoRan

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.