Measured Wealth Private Client Group LLC Invests $201,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Measured Wealth Private Client Group LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 4,029 shares of the natural resource company’s stock, valued at approximately $201,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC grew its holdings in shares of Freeport-McMoRan by 3.5% in the first quarter. Ashton Thomas Private Wealth LLC now owns 19,091 shares of the natural resource company’s stock valued at $898,000 after purchasing an additional 649 shares in the last quarter. Norden Group LLC increased its holdings in shares of Freeport-McMoRan by 28.2% in the 1st quarter. Norden Group LLC now owns 16,659 shares of the natural resource company’s stock worth $783,000 after buying an additional 3,665 shares during the last quarter. J.W. Cole Advisors Inc. raised its position in shares of Freeport-McMoRan by 14.3% during the 1st quarter. J.W. Cole Advisors Inc. now owns 13,751 shares of the natural resource company’s stock valued at $647,000 after buying an additional 1,719 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Freeport-McMoRan by 16.8% in the 1st quarter. Private Advisor Group LLC now owns 73,668 shares of the natural resource company’s stock valued at $3,464,000 after acquiring an additional 10,612 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in Freeport-McMoRan in the first quarter worth about $1,416,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FCX. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Price Performance

NYSE FCX opened at $45.02 on Friday. The firm’s fifty day simple moving average is $46.14 and its two-hundred day simple moving average is $47.72. The firm has a market capitalization of $64.69 billion, a P/E ratio of 32.86, a P/E/G ratio of 1.99 and a beta of 1.90. The company has a current ratio of 2.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the business posted $0.39 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 1.59 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.