Baxter Bros Inc. Has $1.02 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Baxter Bros Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 25.1% during the first quarter, Holdings Channel reports. The institutional investor owned 26,802 shares of the natural resource company’s stock after selling 9,000 shares during the quarter. Baxter Bros Inc.’s holdings in Freeport-McMoRan were worth $1,015,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Anderson Hoagland & Co. lifted its stake in shares of Freeport-McMoRan by 27.6% in the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company’s stock valued at $4,148,000 after buying an additional 23,695 shares in the last quarter. Strong Tower Advisory Services lifted its stake in shares of Freeport-McMoRan by 85.3% in the first quarter. Strong Tower Advisory Services now owns 202,663 shares of the natural resource company’s stock valued at $7,673,000 after buying an additional 93,268 shares in the last quarter. NBC Securities Inc. lifted its stake in shares of Freeport-McMoRan by 109,931.8% in the first quarter. NBC Securities Inc. now owns 24,207 shares of the natural resource company’s stock valued at $916,000 after buying an additional 24,185 shares in the last quarter. Baker Tilly Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 30.5% in the first quarter. Baker Tilly Wealth Management LLC now owns 21,170 shares of the natural resource company’s stock valued at $801,000 after buying an additional 4,950 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its stake in shares of Freeport-McMoRan by 3.2% in the first quarter. Douglas Lane & Associates LLC now owns 1,598,393 shares of the natural resource company’s stock valued at $60,515,000 after buying an additional 49,430 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FCX shares. Scotiabank raised their price objective on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Jefferies Financial Group reissued a “buy” rating and set a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Finally, Raymond James reissued an “outperform” rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.36.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $40.16 on Tuesday. The firm has a market cap of $57.71 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 0.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $53.15. The firm’s 50-day simple moving average is $36.25 and its two-hundred day simple moving average is $38.36.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 24.79%.

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.