Baxter Bros Inc. Sells 2,950 Shares of Freeport-McMoRan Inc. $FCX

Baxter Bros Inc. reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,852 shares of the natural resource company’s stock after selling 2,950 shares during the quarter. Baxter Bros Inc.’s holdings in Freeport-McMoRan were worth $1,034,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCX. Nuveen LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $366,959,000. Amundi boosted its stake in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted its stake in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $42.85 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.28. The stock has a market capitalization of $61.52 billion, a P/E ratio of 32.46, a price-to-earnings-growth ratio of 0.90 and a beta of 1.58. The stock has a fifty day moving average of $42.43 and a 200-day moving average of $40.56.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. Freeport-McMoRan’s revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s payout ratio is 22.73%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. BNP Paribas Exane reduced their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. HSBC reduced their price target on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating for the company in a research note on Thursday, September 25th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 target price for the company in a research report on Thursday, September 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday. Finally, Clarkson Capital reiterated a “neutral” rating and set a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

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.