Freeport-McMoRan Inc (FCX) Shares Sold by Cypress Asset Management Inc. TX

Cypress Asset Management Inc. TX lessened its position in Freeport-McMoRan Inc (NYSE:FCX) by 14.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,690 shares of the natural resource company’s stock after selling 5,779 shares during the quarter. Cypress Asset Management Inc. TX’s holdings in Freeport-McMoRan were worth $483,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Russell Investments Group Ltd. increased its stake in Freeport-McMoRan by 31.6% in the first quarter. Russell Investments Group Ltd. now owns 252,846 shares of the natural resource company’s stock valued at $4,369,000 after acquiring an additional 60,717 shares during the last quarter. Baird Financial Group Inc. increased its stake in Freeport-McMoRan by 27.5% in the first quarter. Baird Financial Group Inc. now owns 41,861 shares of the natural resource company’s stock valued at $736,000 after acquiring an additional 9,026 shares during the last quarter. Blair William & Co. IL increased its stake in Freeport-McMoRan by 5.6% in the first quarter. Blair William & Co. IL now owns 74,913 shares of the natural resource company’s stock valued at $1,316,000 after acquiring an additional 3,989 shares during the last quarter. Atlantic Trust Group LLC increased its stake in Freeport-McMoRan by 23.4% in the first quarter. Atlantic Trust Group LLC now owns 23,608 shares of the natural resource company’s stock valued at $415,000 after acquiring an additional 4,477 shares during the last quarter. Finally, CIBC World Markets Inc. increased its stake in Freeport-McMoRan by 202.8% in the first quarter. CIBC World Markets Inc. now owns 65,631 shares of the natural resource company’s stock valued at $1,153,000 after acquiring an additional 43,958 shares during the last quarter. 71.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan stock opened at $12.02 on Friday. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.87. The stock has a market cap of $17.97 billion, a PE ratio of 10.27 and a beta of 2.48. Freeport-McMoRan Inc has a 1-year low of $11.94 and a 1-year high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.04. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.97 billion. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. Freeport-McMoRan’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc will post 1.71 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Monday, October 15th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.66%. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.

A number of research analysts recently commented on the company. Berenberg Bank reissued a “sell” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research note on Monday, July 2nd. Morgan Stanley upped their price target on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, June 29th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Jefferies Financial Group restated a “buy” rating and set a $24.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 26th. Finally, ValuEngine lowered shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $17.33.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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