King Luther Capital Management Corp Buys 323 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

King Luther Capital Management Corp boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,303 shares of the natural resource company’s stock after acquiring an additional 323 shares during the period. King Luther Capital Management Corp’s holdings in Freeport-McMoRan were worth $1,014,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCX. Deane Retirement Strategies Inc. lifted its stake in Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares during the last quarter. Koshinski Asset Management Inc. lifted its position in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after buying an additional 214 shares during the last quarter. Trust Co. of Vermont increased its holdings in Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after acquiring an additional 228 shares during the last quarter. Fidelis Capital Partners LLC lifted its holdings in Freeport-McMoRan by 2.0% during the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC boosted its position in Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $43.72 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two 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 stock has a market cap of $62.82 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. The firm’s fifty day moving average price is $46.87 and its 200-day moving average price is $47.12.

Freeport-McMoRan (NYSE:FCX) last released 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 business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analyst Ratings Changes

Several research firms recently commented on FCX. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. 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 note on Thursday, September 19th. Finally, Scotiabank decreased their price target on 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. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

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.