Capital Insight Partners LLC Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Capital Insight Partners LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 5.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,758 shares of the natural resource company’s stock after purchasing an additional 645 shares during the quarter. Capital Insight Partners LLC’s holdings in Freeport-McMoRan were worth $637,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hazlett Burt & Watson Inc. grew its holdings in 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 valued at $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the 2nd quarter worth $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley dropped their price target 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. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $53.00.

Read Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Trading Up 1.5 %

Freeport-McMoRan stock traded up $0.75 during midday trading on Thursday, reaching $49.62. The stock had a trading volume of 3,906,502 shares, compared to its average volume of 13,221,914. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm has a market cap of $71.28 billion, a price-to-earnings ratio of 43.25, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The company has a fifty day moving average of $44.47 and a 200 day moving average of $47.79.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.60%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Freeport-McMoRan Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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