Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Lessened by Semanteon Capital Management LP

Semanteon Capital Management LP trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 37.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,654 shares of the natural resource company’s stock after selling 9,297 shares during the period. Semanteon Capital Management LP’s holdings in Freeport-McMoRan were worth $781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brookstone Capital Management raised its stake in shares of Freeport-McMoRan by 12.0% in the 1st quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock worth $386,000 after buying an additional 883 shares in the last quarter. Wealthcare Advisory Partners LLC increased its position in Freeport-McMoRan by 57.8% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock worth $457,000 after purchasing an additional 3,557 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Freeport-McMoRan by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock valued at $7,412,000 after purchasing an additional 4,547 shares in the last quarter. Chapin Davis Inc. lifted its position in shares of Freeport-McMoRan by 101.5% in the first quarter. Chapin Davis Inc. now owns 9,975 shares of the natural resource company’s stock worth $469,000 after buying an additional 5,025 shares during the last quarter. Finally, Claro Advisors LLC increased its holdings in shares of Freeport-McMoRan by 9.0% during the 1st quarter. Claro Advisors LLC now owns 6,065 shares of the natural resource company’s stock valued at $285,000 after acquiring an additional 501 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Up 0.6 %

Shares of Freeport-McMoRan stock traded up $0.30 during trading hours on Monday, reaching $46.90. 280,894 shares of the company’s stock were exchanged, compared to its average volume of 13,006,452. The stock has a market cap of $67.39 billion, a P/E ratio of 34.01, a P/E/G ratio of 1.99 and a beta of 1.90. The company has a 50 day moving average of $45.99 and a two-hundred day moving average of $47.78. The company has a current ratio of 2.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the firm posted $0.39 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.59 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors 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 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio is 21.90%.

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.