Citizens & Northern Corp Trims Stock Position in Freeport-McMoRan Inc. $FCX

Citizens & Northern Corp trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 18,019 shares of the natural resource company’s stock after selling 937 shares during the period. Citizens & Northern Corp’s holdings in Freeport-McMoRan were worth $781,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Strengthening Families & Communities LLC grew its position in Freeport-McMoRan by 0.6% in the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after acquiring an additional 261 shares during the period. Cypress Wealth Services LLC grew its holdings in shares of Freeport-McMoRan by 4.6% during the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock worth $270,000 after purchasing an additional 273 shares during the period. Kestra Private Wealth Services LLC increased its position in shares of Freeport-McMoRan by 0.4% during the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock worth $2,348,000 after purchasing an additional 275 shares during the last quarter. Princeton Capital Management LLC raised its holdings in Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after buying an additional 275 shares during the period. Finally, Capital Investment Advisory Services LLC lifted its position in Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after buying an additional 278 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. BNP Paribas Exane dropped their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Jefferies Financial Group restated a “buy” rating and set a $46.00 target price on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research report on Tuesday, September 30th. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the stock from $43.00 to $50.00 in a report on Friday. Finally, Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Price Performance

FCX stock opened at $41.36 on Wednesday. The business has a 50 day moving average price of $42.64 and a 200 day moving average price of $40.81. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market cap of $59.38 billion, a price-to-earnings ratio of 31.33, a PEG ratio of 0.99 and a beta of 1.58. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $50.12.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Freeport-McMoRan Company 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.