Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by CreativeOne Wealth LLC

CreativeOne Wealth LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 19.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 25,239 shares of the natural resource company’s stock after acquiring an additional 4,111 shares during the period. CreativeOne Wealth LLC’s holdings in Freeport-McMoRan were worth $1,260,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan in the second quarter worth approximately $25,000. Matrix Trust Co purchased a new position in Freeport-McMoRan in the third quarter worth approximately $25,000. LRI Investments LLC purchased a new position in Freeport-McMoRan in the first quarter worth approximately $26,000. Finally, Lynx Investment Advisory purchased a new position in Freeport-McMoRan in the second quarter worth approximately $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 1.0 %

Freeport-McMoRan stock opened at $44.20 on Friday. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market cap of $63.51 billion, a PE ratio of 32.26, a P/E/G ratio of 17.26 and a beta of 1.91. The stock’s fifty day moving average is $46.88 and its two-hundred day moving average is $46.95.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the firm earned $0.39 earnings per share. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FCX shares. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

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.