Freeport-McMoRan Inc. (NYSE:FCX) Position Lifted by Strengthening Families & Communities LLC

Strengthening Families & Communities LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 44,304 shares of the natural resource company’s stock after purchasing an additional 3,320 shares during the period. Strengthening Families & Communities LLC’s holdings in Freeport-McMoRan were worth $2,212,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. raised its holdings in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $26,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on FCX. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $42.70 on Monday. Freeport-McMoRan Inc. has a one year low of $35.29 and a one year high of $55.24. The company has a 50-day moving average of $46.63 and a two-hundred day moving average of $47.33. The stock has a market cap of $61.35 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 1.84 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The business 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%. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.