Citizens National Bank Trust Department Buys 1,640 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Citizens National Bank Trust Department increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 73,313 shares of the natural resource company’s stock after buying an additional 1,640 shares during the period. Citizens National Bank Trust Department’s holdings in Freeport-McMoRan were worth $3,660,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norden Group LLC raised its position in shares of Freeport-McMoRan by 28.2% in the 1st quarter. Norden Group LLC now owns 16,659 shares of the natural resource company’s stock valued at $783,000 after buying an additional 3,665 shares in the last quarter. Private Advisor Group LLC increased its position in Freeport-McMoRan by 16.8% during the 1st quarter. Private Advisor Group LLC now owns 73,668 shares of the natural resource company’s stock worth $3,464,000 after purchasing an additional 10,612 shares in the last quarter. Mutual of America Capital Management LLC increased its position in Freeport-McMoRan by 0.4% during the 1st quarter. Mutual of America Capital Management LLC now owns 257,097 shares of the natural resource company’s stock worth $12,089,000 after purchasing an additional 1,020 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $716,000. Finally, Proficio Capital Partners LLC increased its position in Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FCX. Scotiabank lowered their price objective 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. Raymond James upped their price objective 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. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Up 1.3 %

FCX opened at $45.59 on Monday. 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 company’s 50-day moving average is $46.20 and its 200 day moving average is $47.66. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm has a market capitalization of $65.51 billion, a P/E ratio of 33.28, a PEG ratio of 1.93 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating 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 company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the firm earned $0.39 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.