Murphy Pohlad Asset Management LLC Has $1.10 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Murphy Pohlad Asset Management LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,960 shares of the natural resource company’s stock after selling 1,525 shares during the period. Murphy Pohlad Asset Management LLC’s holdings in Freeport-McMoRan were worth $1,096,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Matrix Trust Co acquired a new position in Freeport-McMoRan in the third quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $25,000. Hazlett Burt & Watson Inc. increased 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 acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $26,000. Finally, LRI Investments LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Scotiabank reduced their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. 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. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Up 1.3 %

FCX opened at $45.59 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $65.51 billion, a price-to-earnings ratio of 33.28, a PEG ratio of 1.97 and a beta of 1.90. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company’s 50-day moving average price is $46.20 and its two-hundred day moving average price is $47.67.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.