Hobbs Group Advisors LLC Sells 571 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hobbs Group Advisors LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,941 shares of the natural resource company’s stock after selling 571 shares during the period. Hobbs Group Advisors LLC’s holdings in Freeport-McMoRan were worth $297,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. Geode Capital Management LLC lifted its stake in Freeport-McMoRan by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after acquiring an additional 529,099 shares during the period. Mountaineer Partners Management LLC lifted its stake in Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares during the period. Dimensional Fund Advisors LP lifted its stake in Freeport-McMoRan by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock valued at $536,038,000 after acquiring an additional 530,676 shares during the period. Finally, Legal & General Group Plc lifted its stake in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after acquiring an additional 56,499 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 2.4 %

Freeport-McMoRan stock opened at $42.69 on Wednesday. The firm has a 50 day moving average of $46.00 and a 200 day moving average of $46.32. The firm has a market capitalization of $61.34 billion, a price-to-earnings ratio of 31.16, a P/E/G ratio of 16.60 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 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 business 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 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared 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 of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.70%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. 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 report on Thursday, September 19th. Raymond James upped their price target 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. Scotiabank reduced their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six research 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, the company currently has an average rating of “Moderate Buy” and an average target price 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.