State of Alaska Department of Revenue Acquires 7,085 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

State of Alaska Department of Revenue lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 169,910 shares of the natural resource company’s stock after acquiring an additional 7,085 shares during the quarter. State of Alaska Department of Revenue’s holdings in Freeport-McMoRan were worth $8,481,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Brookstone Capital Management grew its position in shares of Freeport-McMoRan by 12.0% during the 1st quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock worth $386,000 after buying an additional 883 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its stake in shares of Freeport-McMoRan by 57.8% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock worth $457,000 after purchasing an additional 3,557 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Freeport-McMoRan by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock worth $7,412,000 after purchasing an additional 4,547 shares during the last quarter. Chapin Davis Inc. lifted its stake in shares of Freeport-McMoRan by 101.5% during the 1st quarter. Chapin Davis Inc. now owns 9,975 shares of the natural resource company’s stock worth $469,000 after purchasing an additional 5,025 shares during the last quarter. Finally, Claro Advisors LLC lifted its stake in shares of Freeport-McMoRan by 9.0% during the 1st quarter. Claro Advisors LLC now owns 6,065 shares of the natural resource company’s stock worth $285,000 after purchasing an additional 501 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FCX shares. Morgan Stanley decreased their price objective 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. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Down 0.5 %

Shares of NYSE:FCX opened at $46.60 on Monday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The stock has a market cap of $66.96 billion, a price-to-earnings ratio of 34.01, a PEG ratio of 1.99 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $45.99 and a 200-day moving average price of $47.78.

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 firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. Equities analysts predict that Freeport-McMoRan Inc. will post 1.59 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.