Freeport-McMoRan Inc. (NYSE:FCX) Position Lifted by Bedell Frazier Investment Counselling LLC

Bedell Frazier Investment Counselling LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136,083 shares of the natural resource company’s stock after acquiring an additional 279 shares during the quarter. Freeport-McMoRan makes up 1.6% of Bedell Frazier Investment Counselling LLC’s portfolio, making the stock its 19th biggest position. Bedell Frazier Investment Counselling LLC’s holdings in Freeport-McMoRan were worth $6,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. Swedbank AB bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $162,464,000. Los Angeles Capital Management LLC lifted its position in shares of Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after buying an additional 2,255,529 shares during the last quarter. Capital Wealth Planning LLC lifted its position in shares of Freeport-McMoRan by 34.9% in the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock worth $288,833,000 after buying an additional 1,538,560 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Freeport-McMoRan by 5,249.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after buying an additional 1,316,261 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCX. Scotiabank reduced 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. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. 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’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 0.1 %

Freeport-McMoRan stock opened at $43.72 on Monday. The stock has a market cap of $62.82 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.89 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $46.87 and its two-hundred day moving average price is $47.10. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced 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. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. On average, analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS 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 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is currently 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.