Tranquility Partners LLC Sells 4,940 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Tranquility Partners LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 46.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,735 shares of the natural resource company’s stock after selling 4,940 shares during the period. Tranquility Partners LLC’s holdings in Freeport-McMoRan were worth $286,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $25,000. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan in the 2nd quarter worth about $25,000. Hazlett Burt & Watson Inc. increased its stake in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $26,000. Finally, LRI Investments LLC bought a new stake in Freeport-McMoRan during the first quarter worth $26,000. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on FCX shares. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $43.55 on Tuesday. The stock has a market cap of $62.58 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 1.84 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. The stock’s 50 day simple moving average is $46.69 and its two-hundred day simple moving average is $47.29. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates 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 firm posted $0.39 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed 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 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Freeport-McMoRan Company 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.