Marks Group Wealth Management Inc Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Marks Group Wealth Management Inc raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 4,919 shares of the natural resource company’s stock after purchasing an additional 299 shares during the period. Marks Group Wealth Management Inc’s holdings in Freeport-McMoRan were worth $246,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. NorthCrest Asset Manangement LLC boosted its holdings in Freeport-McMoRan by 33.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock worth $21,572,000 after buying an additional 107,852 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Freeport-McMoRan by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after buying an additional 35,972 shares in the last quarter. Truist Financial Corp grew its position in Freeport-McMoRan by 22.8% in the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after acquiring an additional 25,214 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new stake in Freeport-McMoRan during the 1st quarter valued at $770,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 0.3 %

NYSE:FCX opened at $46.87 on Thursday. The company has a market cap of $67.35 billion, a PE ratio of 34.21, a P/E/G ratio of 1.95 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company’s 50 day moving average is $46.31 and its two-hundred day moving average is $47.59.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company 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 firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.39 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analysts Set New Price Targets

A number of research firms have weighed in on FCX. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Finally, Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.00.

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.