Grove Bank & Trust Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Grove Bank & Trust cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,484 shares of the natural resource company’s stock after selling 311 shares during the quarter. Grove Bank & Trust’s holdings in Freeport-McMoRan were worth $171,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FCX. Clarius Group LLC increased its holdings in Freeport-McMoRan by 12.8% during the fourth quarter. Clarius Group LLC now owns 8,823 shares of the natural resource company’s stock worth $336,000 after buying an additional 999 shares during the last quarter. Aaron Wealth Advisors LLC grew its position in shares of Freeport-McMoRan by 0.3% during the 4th quarter. Aaron Wealth Advisors LLC now owns 316,973 shares of the natural resource company’s stock valued at $12,070,000 after acquiring an additional 825 shares during the period. TruWealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 1,513.4% during the 4th quarter. TruWealth Advisors LLC now owns 268,639 shares of the natural resource company’s stock worth $10,230,000 after purchasing an additional 251,989 shares during the last quarter. HB Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 7.5% in the 4th quarter. HB Wealth Management LLC now owns 27,315 shares of the natural resource company’s stock worth $1,040,000 after purchasing an additional 1,897 shares during the period. Finally, Shelton Wealth Management LLC lifted its stake in Freeport-McMoRan by 41.2% in the fourth quarter. Shelton Wealth Management LLC now owns 26,130 shares of the natural resource company’s stock valued at $995,000 after purchasing an additional 7,620 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $40.27 on Monday. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The stock has a fifty day moving average of $41.25 and a 200 day moving average of $44.27. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm has a market capitalization of $57.86 billion, a price-to-earnings ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the company posted $0.39 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent research reports. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Jefferies Financial Group lowered their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Raymond James increased 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. Scotiabank lowered their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. Seven 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 stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $52.42.

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.