Barnett & Company Inc. Sells 18,300 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Barnett & Company Inc. cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 38.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,714 shares of the natural resource company’s stock after selling 18,300 shares during the quarter. Barnett & Company Inc.’s holdings in Freeport-McMoRan were worth $1,433,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $25,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the second quarter worth about $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX traded down $1.41 during trading on Tuesday, reaching $43.49. 5,720,202 shares of the company traded hands, compared to its average volume of 12,879,886. The company has a market cap of $62.49 billion, a P/E ratio of 32.77, a PEG ratio of 1.98 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 12-month low of $33.38 and a 12-month high of $55.24. The firm has a fifty day simple moving average of $46.46 and a 200 day simple moving average of $47.54.

Freeport-McMoRan (NYSE:FCX) last announced 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. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.39 earnings per share. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors 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 yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analyst Ratings Changes

FCX has been the topic of a number of analyst reports. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.