Stonegate Investment Group LLC Acquires 333 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Stonegate Investment Group LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,425 shares of the natural resource company’s stock after purchasing an additional 333 shares during the quarter. Stonegate Investment Group LLC’s holdings in Freeport-McMoRan were worth $1,519,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Hazlett Burt & Watson Inc. raised its stake in Freeport-McMoRan by 1,170.7% during the 2nd 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 stake in Freeport-McMoRan in the 2nd quarter worth $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the third quarter valued at about $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory purchased a new position in Freeport-McMoRan in the 2nd quarter worth approximately $26,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Scotiabank increased their price objective 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. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.29.

Freeport-McMoRan Trading Up 0.9 %

Shares of NYSE:FCX traded up $0.42 during trading hours on Friday, hitting $48.37. 1,698,849 shares of the company’s stock traded hands, compared to its average volume of 13,087,965. The business has a fifty day moving average price of $45.34 and a 200-day moving average price of $47.88. 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 firm has a market capitalization of $69.48 billion, a P/E ratio of 42.81, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90.

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

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.