Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Freedom Investment Management Inc.

Freedom Investment Management Inc. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,893 shares of the natural resource company’s stock after acquiring an additional 2,200 shares during the quarter. Freedom Investment Management Inc.’s holdings in Freeport-McMoRan were worth $594,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of FCX. Hazlett Burt & Watson Inc. raised its stake 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 worth $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan in the first quarter valued at $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan during the second quarter valued at about $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank dropped their price objective on shares of 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. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Six investment 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. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Up 1.0 %

NYSE:FCX opened at $44.20 on Friday. The stock has a market cap of $63.51 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 17.26 and a beta of 1.91. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The business’s 50-day simple moving average is $46.88 and its 200 day simple moving average is $46.95.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

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.