United Services Automobile Association Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

United Services Automobile Association decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 18.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,725 shares of the natural resource company’s stock after selling 7,253 shares during the quarter. United Services Automobile Association’s holdings in Freeport-McMoRan were worth $1,634,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Deane Retirement Strategies Inc. lifted its position in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after purchasing an additional 201 shares during the period. Koshinski Asset Management Inc. raised its stake in Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after buying an additional 214 shares in the last quarter. Trust Co. of Vermont lifted its holdings in Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after buying an additional 228 shares during the period. Fidelis Capital Partners LLC boosted its position in Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after acquiring an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC grew its holdings in shares of Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $42.07 on Friday. The firm has a market cap of $60.45 billion, a P/E ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $46.27 and a 200 day moving average of $46.47.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping 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 firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The company’s revenue was up 16.6% on a year-over-year basis. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price 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. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley lowered 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 report on Thursday, September 19th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.