Icon Wealth Advisors LLC Sells 649 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Icon Wealth Advisors LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,676 shares of the natural resource company’s stock after selling 649 shares during the period. Icon Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $233,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan during the second quarter valued at about $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan during the third quarter valued at about $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FCX. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. 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’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Up 1.0 %

FCX stock opened at $44.20 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company has a market capitalization of $63.51 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 17.26 and a beta of 1.91. The business’s 50 day moving average price is $46.87 and its two-hundred day moving average price is $46.89. 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 (NYSE:FCX) last issued 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. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm 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. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.