Sigma Planning Corp Decreases Stock Position in Freeport-McMoRan Inc (NYSE:FCX)

Sigma Planning Corp lowered its stake in Freeport-McMoRan Inc (NYSE:FCX) by 6.4% during the 3rd quarter, Holdings Channel reports. The firm owned 17,220 shares of the natural resource company’s stock after selling 1,175 shares during the quarter. Sigma Planning Corp’s holdings in Freeport-McMoRan were worth $165,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Guild Investment Management Inc. purchased a new stake in Freeport-McMoRan in the 2nd quarter worth $971,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Freeport-McMoRan by 28.2% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 239,980 shares of the natural resource company’s stock valued at $2,786,000 after buying an additional 52,719 shares in the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Freeport-McMoRan by 1.4% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 263,375 shares of the natural resource company’s stock valued at $3,058,000 after buying an additional 3,644 shares in the last quarter. Captrust Financial Advisors raised its position in shares of Freeport-McMoRan by 4,709.6% during the 2nd quarter. Captrust Financial Advisors now owns 251,638 shares of the natural resource company’s stock valued at $2,922,000 after buying an additional 246,406 shares in the last quarter. Finally, Grassi Investment Management raised its position in shares of Freeport-McMoRan by 7.8% during the 3rd quarter. Grassi Investment Management now owns 193,200 shares of the natural resource company’s stock valued at $1,849,000 after buying an additional 14,000 shares in the last quarter. Institutional investors and hedge funds own 72.71% of the company’s stock.

Freeport-McMoRan stock traded down $0.20 during midday trading on Wednesday, reaching $10.84. The stock had a trading volume of 22,355,097 shares, compared to its average volume of 21,518,166. The company has a quick ratio of 1.16, a current ratio of 2.47 and a debt-to-equity ratio of 0.57. Freeport-McMoRan Inc has a 52-week low of $8.43 and a 52-week high of $14.68. The firm has a market cap of $16.71 billion, a price-to-earnings ratio of 7.13 and a beta of 2.44. The company has a fifty day moving average of $9.87 and a 200 day moving average of $10.41.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.91%. The company had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same period in the prior year, the company posted $0.35 EPS. The firm’s revenue for the quarter was down 32.6% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc will post 0.03 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Friday, October 11th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 13.16%.

FCX has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Exane BNP Paribas initiated coverage on shares of Freeport-McMoRan in a research report on Friday, September 20th. They set an “outperform” rating on the stock. BNP Paribas initiated coverage on shares of Freeport-McMoRan in a research report on Friday, September 20th. They set an “outperform” rating on the stock. Royal Bank of Canada upgraded shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and upped their target price for the company from $12.00 to $14.00 in a research report on Wednesday, July 24th. Finally, Morgan Stanley restated an “overweight” rating and set a $13.30 target price on shares of Freeport-McMoRan in a research report on Thursday, November 7th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $13.10.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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

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