CENTRAL TRUST Co Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

CENTRAL TRUST Co raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 47.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,333 shares of the natural resource company’s stock after buying an additional 12,912 shares during the period. CENTRAL TRUST Co’s holdings in Freeport-McMoRan were worth $2,013,000 at the end of the most recent quarter.

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

Freeport-McMoRan Price Performance

NYSE FCX opened at $46.84 on Friday. The company has a 50-day moving average price of $45.93 and a two-hundred day moving average price of $47.85. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market cap of $67.29 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue was up 16.6% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Ratings Changes

Several research analysts have weighed in on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.00.

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.