First National Trust Co Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

First National Trust Co increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,377 shares of the natural resource company’s stock after buying an additional 1,286 shares during the period. First National Trust Co’s holdings in Freeport-McMoRan were worth $368,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Matrix Trust Co acquired a new position in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $25,000. Hazlett Burt & Watson Inc. grew its stake 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 purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new position in Freeport-McMoRan in the second quarter valued at $26,000. Finally, LRI Investments LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $43.13 on Thursday. Freeport-McMoRan Inc. has a one year low of $34.55 and a one year high of $55.24. The stock has a market capitalization of $61.96 billion, a price-to-earnings ratio of 31.48, a PEG ratio of 1.88 and a beta of 1.91. The company has a 50-day simple moving average of $46.54 and a 200-day simple moving average of $47.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating 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 the consensus estimate of $6.45 billion. During the same period last year, the business posted $0.39 EPS. The company’s revenue was up 16.6% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FCX shares. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Six equities 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.