Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Wolff Wiese Magana LLC

Wolff Wiese Magana LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 214.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 849 shares of the natural resource company’s stock after purchasing an additional 579 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Freeport-McMoRan were worth $42,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% during the second 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 period. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth about $26,000. Finally, Lynx Investment Advisory purchased a new position in Freeport-McMoRan during the second quarter worth approximately $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 1.5 %

Shares of Freeport-McMoRan stock opened at $47.97 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The stock has a market cap of $68.91 billion, a P/E ratio of 42.45, a P/E/G ratio of 2.03 and a beta of 1.90. The stock’s 50 day simple moving average is $45.20 and its 200-day simple moving average is $47.88.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the business earned $0.35 EPS. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. Analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Ratings Changes

A number of research firms have recently commented on FCX. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday. Scotiabank lifted 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 report on Tuesday, October 8th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six research 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 a consensus rating of “Moderate Buy” and a consensus target price of $53.29.

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.