abrdn plc Buys 396,475 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

abrdn plc increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 53.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,142,201 shares of the natural resource company’s stock after acquiring an additional 396,475 shares during the quarter. abrdn plc’s holdings in Freeport-McMoRan were worth $57,042,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. raised its holdings in Freeport-McMoRan by 1,170.7% in 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 bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the 3rd quarter worth $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan during the first quarter worth about $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the second quarter valued at about $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Raymond James lifted their price target 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. Scotiabank reduced their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six 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. 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 Price Performance

NYSE:FCX opened at $46.57 on Wednesday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a market cap of $66.91 billion, a P/E ratio of 33.99, a P/E/G ratio of 1.99 and a beta of 1.90. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. The stock’s 50-day simple moving average is $46.10 and its 200 day simple moving average is $47.73.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.59 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given 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 currently 21.90%.

Freeport-McMoRan 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.