Kestra Investment Management LLC Invests $619,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Kestra Investment Management LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 12,400 shares of the natural resource company’s stock, valued at approximately $619,000.

A number of other large investors also recently made changes to their positions in the company. Los Angeles Capital Management LLC increased its position in Freeport-McMoRan by 423.5% during the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after acquiring an additional 2,255,529 shares during the period. Capital Wealth Planning LLC raised its holdings in 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 valued at $288,833,000 after acquiring an additional 1,538,560 shares in the last quarter. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Freeport-McMoRan by 5,249.5% during 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 acquiring an additional 1,316,261 shares during the period. Finally, Wulff Hansen & CO. increased its stake in shares of Freeport-McMoRan by 4,760.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock valued at $58,234,000 after purchasing an additional 1,173,578 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target 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. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Scotiabank lowered 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. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Up 1.0 %

Shares of NYSE:FCX opened at $44.20 on Monday. The business has a fifty day simple moving average of $46.87 and a 200 day simple moving average of $46.85. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The firm has a market cap of $63.51 billion, a P/E ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the company earned $0.39 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company 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. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Tuesday, October 15th. 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.