Atria Investments Inc Has $2.95 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Atria Investments Inc lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 36.0% in the third quarter, Holdings Channel.com reports. The firm owned 59,025 shares of the natural resource company’s stock after selling 33,244 shares during the quarter. Atria Investments Inc’s holdings in Freeport-McMoRan were worth $2,947,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $25,000. Matrix Trust Co acquired a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan in the 1st quarter valued at approximately $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the second quarter valued at $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $43.13 on Thursday. The firm has a market capitalization of $61.96 billion, a P/E ratio of 31.48, a P/E/G ratio of 1.88 and a beta of 1.91. Freeport-McMoRan Inc. has a 52 week low of $34.55 and a 52 week high of $55.24. The stock has a 50 day moving average price of $46.54 and a two-hundred day moving average price 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 quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) 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 the consensus estimate of $6.45 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analyst Ratings Changes

A number of research firms recently weighed in on FCX. Morgan Stanley decreased 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. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $54.00.

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.