Freeport-McMoRan Inc. $FCX Stock: Philadelphia Trust Co. Decreases Holdings

Philadelphia Trust Co. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.6% in the 3rd quarter, Holdings Channel reports. The firm owned 166,457 shares of the natural resource company’s stock after selling 21,777 shares during the quarter. Philadelphia Trust Co.’s holdings in Freeport-McMoRan were worth $11,652,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TOWER TRUST & INVESTMENT Co grew its position in shares of Freeport-McMoRan by 1.3% in the 3rd quarter. TOWER TRUST & INVESTMENT Co now owns 12,177 shares of the natural resource company’s stock valued at $852,000 after buying an additional 157 shares during the last quarter. Richardson Financial Services Inc. increased its stake in shares of Freeport-McMoRan by 11.6% in the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock valued at $97,000 after buying an additional 160 shares during the period. Breakwater Capital Group raised its position in shares of Freeport-McMoRan by 1.0% during the third quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock worth $1,115,000 after acquiring an additional 160 shares during the last quarter. Signature Wealth Management Partners LLC raised its position in shares of Freeport-McMoRan by 1.4% during the third quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock worth $859,000 after acquiring an additional 166 shares during the last quarter. Finally, Fiduciary Financial Group LLC raised its position in shares of Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock worth $427,000 after acquiring an additional 173 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Weiss Ratings cut Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 30th. Royal Bank Of Canada increased their target price on shares of Freeport-McMoRan from $73.00 to $85.00 and gave the company a “sector perform” rating in a research report on Wednesday, September 16th. Morgan Stanley raised their price target on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 7th. BMO Capital Markets boosted their price target on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Finally, Wells Fargo & Company dropped their price target on shares of Freeport-McMoRan from $87.00 to $79.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.30.

Insider Buying and Selling

In other news, Director Lydia H. Kennard sold 3,798 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This trade represents a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $60.23 on Wednesday. The stock has a 50-day moving average price of $69.25 and a 200-day moving average price of $65.29. Freeport-McMoRan Inc. has a 1-year low of $38.85 and a 1-year high of $80.24. The company has a current ratio of 2.02, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The firm has a market cap of $86.50 billion, a PE ratio of 25.31, a price-to-earnings-growth ratio of 0.58 and a beta of 1.38.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The company had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.36 billion. During the same period in the previous year, the business earned $0.50 EPS. The firm’s revenue was up 8.2% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 3.02 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th were issued a $0.0750 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan’s payout ratio is presently 12.61%.

About Freeport-McMoRan

Freeport-McMoRan Inc. is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy. The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile. Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.