Perkins Coie Trust Co Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Perkins Coie Trust Co cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 41,236 shares of the natural resource company’s stock after selling 576 shares during the quarter. Perkins Coie Trust Co’s holdings in Freeport-McMoRan were worth $1,570,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan during the 2nd quarter valued at $27,000. Godsey & Gibb Inc. grew its position in Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 346 shares during the last quarter. Laurel Wealth Advisors LLC increased its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the period. Finally, Continuum Advisory LLC lifted its position in shares of Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $40.27 on Friday. The company has a market cap of $57.86 billion, a P/E ratio of 29.39, a PEG ratio of 2.13 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock’s 50-day moving average is $41.25 and its 200 day moving average is $44.31. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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 net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 1.46 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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 issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analysts Set New Price Targets

A number of research firms have recently commented on FCX. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Jefferies Financial Group reduced their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Seven 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 stock has a consensus rating of “Moderate Buy” and an average target price of $52.42.

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.