Griffin Asset Management Inc. Cuts Stock Holdings in Freeport-McMoRan Inc. $FCX

by · The Markets Daily

Griffin Asset Management Inc. decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 21.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 67,574 shares of the natural resource company’s stock after selling 18,920 shares during the period. Griffin Asset Management Inc.’s holdings in Freeport-McMoRan were worth $2,929,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FCX. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. GAMMA Investing LLC boosted its position in Freeport-McMoRan by 5.6% in the first quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company’s stock worth $863,000 after purchasing an additional 1,219 shares during the last quarter. Simon Quick Advisors LLC purchased a new position in Freeport-McMoRan in the first quarter worth $254,000. Finally, Farmers & Merchants Investments Inc. boosted its position in Freeport-McMoRan by 10.6% in the first quarter. Farmers & Merchants Investments Inc. now owns 4,248 shares of the natural resource company’s stock worth $161,000 after purchasing an additional 408 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.92 on Monday. The firm has a market cap of $58.74 billion, a PE ratio of 31.00, a PEG ratio of 0.93 and a beta of 1.58. The stock’s fifty day moving average price is $42.51 and its two-hundred day moving average price is $40.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.28.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 22.73%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Scotiabank reissued a “sector perform” rating and issued a $45.00 price objective (down previously from $55.00) on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. BNP Paribas Exane cut their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Wednesday, October 8th. Finally, Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $46.56.

Read Our Latest Stock Analysis on FCX

About Freeport-McMoRan

(Free Report)

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.

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