Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Mattern Wealth Management LLC

Mattern Wealth Management LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,163 shares of the natural resource company’s stock after selling 730 shares during the period. Mattern Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,056,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. lifted its stake in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter worth $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.2 %

NYSE FCX traded up $0.11 during trading hours on Tuesday, reaching $48.05. The company had a trading volume of 6,077,155 shares, compared to its average volume of 13,074,118. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $69.02 billion, a P/E ratio of 43.34, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The stock has a 50-day moving average of $45.61 and a 200 day moving average of $47.86. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the company posted $0.39 EPS. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank raised their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 8th. Finally, Raymond James boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.92.

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.