Lake Street Advisors Group LLC Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Lake Street Advisors Group LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,522 shares of the natural resource company’s stock after selling 2,409 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Freeport-McMoRan were worth $475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brookstone Capital Management boosted its holdings in shares of Freeport-McMoRan by 12.0% during the 1st quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock valued at $386,000 after purchasing an additional 883 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its stake in Freeport-McMoRan by 57.8% during the first quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock valued at $457,000 after buying an additional 3,557 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Freeport-McMoRan by 3.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock worth $7,412,000 after acquiring an additional 4,547 shares during the last quarter. Founders Financial Securities LLC raised its holdings in shares of Freeport-McMoRan by 8.9% during the 1st quarter. Founders Financial Securities LLC now owns 18,713 shares of the natural resource company’s stock worth $880,000 after acquiring an additional 1,527 shares in the last quarter. Finally, Trilogy Capital Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $1,239,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $46.60 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.34. The stock has a market cap of $66.96 billion, a price-to-earnings ratio of 34.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90. The firm has a 50-day moving average of $45.99 and a two-hundred day moving average of $47.80. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank decreased their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.