Freeport-McMoRan Inc. (NYSE:FCX) Position Increased by Freedom Investment Management Inc.

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

Several other hedge funds and other institutional investors have also modified their holdings of the business. Townsquare Capital LLC lifted its holdings in Freeport-McMoRan by 16.7% in the third quarter. Townsquare Capital LLC now owns 192,163 shares of the natural resource company’s stock worth $9,593,000 after acquiring an additional 27,532 shares during the last quarter. NCP Inc. lifted its holdings in shares of Freeport-McMoRan by 16.8% in the 3rd quarter. NCP Inc. now owns 3,504 shares of the natural resource company’s stock worth $175,000 after purchasing an additional 504 shares during the last quarter. Baldwin Investment Management LLC boosted its position in Freeport-McMoRan by 29.9% during the 3rd quarter. Baldwin Investment Management LLC now owns 33,081 shares of the natural resource company’s stock valued at $1,651,000 after purchasing an additional 7,624 shares during the period. Avestar Capital LLC grew its stake in Freeport-McMoRan by 16.8% during the 3rd quarter. Avestar Capital LLC now owns 10,916 shares of the natural resource company’s stock worth $545,000 after buying an additional 1,569 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Freeport-McMoRan in the third quarter worth $282,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Scotiabank lowered their target price 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 analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Up 1.0 %

FCX opened at $44.20 on Friday. 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 company has a market capitalization 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 200-day moving average is $46.95. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the business earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid 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 presently 21.90%.

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.