Country Trust Bank Has $453,000 Holdings in Freeport-McMoRan Inc. $FCX

Country Trust Bank increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3,383.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,449 shares of the natural resource company’s stock after purchasing an additional 10,149 shares during the period. Country Trust Bank’s holdings in Freeport-McMoRan were worth $453,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Dagco Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $37,000. Beacon Capital Management LLC lifted its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group bought a new stake in Freeport-McMoRan during the first quarter worth approximately $40,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $42,000. Finally, Hilltop National Bank acquired a new position in Freeport-McMoRan during the second quarter valued at approximately $43,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. Johnson Rice decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Wednesday, November 19th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. BMO Capital Markets dropped their price objective on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 19th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $46.73.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $41.04 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The firm’s 50-day moving average is $40.91 and its 200-day moving average is $41.95. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.12. The company has a market cap of $58.93 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same period last year, the business earned $0.38 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s payout ratio is currently 21.13%.

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.