Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Increased by Horizon Kinetics Asset Management LLC

Horizon Kinetics Asset Management LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 40.5% in the third quarter, HoldingsChannel reports. The firm owned 141,802 shares of the natural resource company’s stock after acquiring an additional 40,860 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in Freeport-McMoRan were worth $7,079,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Mount Yale Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at about $277,000. Oxford Wealth Group LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $796,000. California State Teachers Retirement System lifted its stake in shares of Freeport-McMoRan by 3.4% in the 1st quarter. California State Teachers Retirement System now owns 2,599,705 shares of the natural resource company’s stock worth $122,238,000 after acquiring an additional 84,350 shares during the period. Tidal Investments LLC boosted its holdings in shares of Freeport-McMoRan by 42.1% in the first quarter. Tidal Investments LLC now owns 142,639 shares of the natural resource company’s stock valued at $6,701,000 after acquiring an additional 42,267 shares in the last quarter. Finally, Castleark Management LLC increased its stake in shares of Freeport-McMoRan by 1,577.6% during the first quarter. Castleark Management LLC now owns 152,830 shares of the natural resource company’s stock valued at $7,186,000 after acquiring an additional 143,720 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.4 %

Freeport-McMoRan stock opened at $44.32 on Monday. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week 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 firm has a market capitalization of $63.68 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91. The company has a 50 day moving average price of $46.87 and a 200 day moving average price of $47.10.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. Research analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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

Wall Street Analysts Forecast Growth

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

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.