Naviter Wealth LLC Invests $213,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Naviter Wealth LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,274 shares of the natural resource company’s stock, valued at approximately $213,000.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after buying an additional 1,210,833 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after buying an additional 2,392,800 shares during the last quarter. Capital World Investors raised its stake in shares of Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of Freeport-McMoRan by 1.4% during the first quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock worth $679,664,000 after buying an additional 200,877 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. 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 upped their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.29.

Freeport-McMoRan Stock Down 0.0 %

Shares of FCX stock opened at $47.96 on Friday. The firm has a fifty day moving average of $45.34 and a 200-day moving average of $47.88. 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. The company has a market capitalization of $68.89 billion, a price-to-earnings ratio of 42.44, a P/E/G ratio of 2.03 and a beta of 1.90.

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

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders 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 dividend yield of 0.63%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

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.