Patten & Patten Inc. TN Cuts Stock Holdings in Freeport-McMoRan Inc. $FCX

Patten & Patten Inc. TN reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,100 shares of the natural resource company’s stock after selling 870 shares during the period. Patten & Patten Inc. TN’s holdings in Freeport-McMoRan were worth $4,296,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Dagco Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $37,000. Beacon Capital Management LLC increased its stake in Freeport-McMoRan by 59.6% during 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 stake in Freeport-McMoRan during the 1st quarter worth approximately $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $42,000. Finally, Hilltop National Bank purchased a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.5%

FCX opened at $41.76 on Thursday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.12. The stock has a market capitalization of $59.96 billion, a PE ratio of 31.64, a P/E/G ratio of 0.96 and a beta of 1.58. The business’s 50 day moving average price is $42.63 and its 200 day moving average price is $40.60. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is currently 22.73%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FCX shares. Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada dropped their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. CICC Research dropped their price target on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Finally, JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.56.

Freeport-McMoRan Profile

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.