ORG Wealth Partners LLC Takes $129,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

ORG Wealth Partners LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,586 shares of the natural resource company’s stock, valued at approximately $129,000.

Other institutional investors have also modified their holdings of the company. Hazlett Burt & Watson Inc. grew its position in shares of 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 buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $25,000. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $25,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $26,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on FCX. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Stock Down 2.3 %

Shares of Freeport-McMoRan stock opened at $48.87 on Tuesday. The stock’s fifty day moving average is $44.91 and its 200-day moving average is $47.88. The firm has a market capitalization of $70.20 billion, a PE ratio of 43.25, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

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.