Citizens National Bank Trust Department Decreases Position in Freeport-McMoRan Inc. $FCX

Citizens National Bank Trust Department lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 63,053 shares of the natural resource company’s stock after selling 3,100 shares during the quarter. Citizens National Bank Trust Department’s holdings in Freeport-McMoRan were worth $2,733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. City Holding Co. acquired a new position in shares of Freeport-McMoRan during the first quarter worth $33,000. Dagco Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter worth $37,000. Beacon Capital Management LLC lifted its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares in the last quarter. CKW Financial Group purchased a new position in Freeport-McMoRan in the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan during the first quarter valued at about $42,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wells Fargo & Company assumed coverage on Freeport-McMoRan in a research note on Tuesday. They issued an “overweight” rating and a $47.00 price target on the stock. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. CICC Research cut their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price target for the company. Finally, Jefferies Financial Group restated a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.75.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $40.73 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $50.28. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $58.47 billion, a price-to-earnings ratio of 30.85, a price-to-earnings-growth ratio of 0.89 and a beta of 1.58. The business has a 50 day simple moving average of $42.35 and a 200-day simple moving average of $40.54.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the business posted $0.46 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s payout ratio is 22.73%.

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.