Nicolet Advisory Services LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Nicolet Advisory Services LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,062 shares of the natural resource company’s stock after purchasing an additional 349 shares during the quarter. Nicolet Advisory Services LLC’s holdings in Freeport-McMoRan were worth $650,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. raised its position in shares of 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 acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the 2nd quarter worth about $25,000. Matrix Trust Co purchased a new position in Freeport-McMoRan during the third quarter worth approximately $25,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent analyst reports. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank cut their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley reduced their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Down 0.1 %

Shares of NYSE FCX opened at $43.72 on Friday. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The company has a market capitalization of $62.82 billion, a P/E ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91. The company has a 50 day simple moving average of $46.87 and a 200-day simple moving average of $47.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 earnings per share. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared 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 0.69%. The ex-dividend date of this dividend was 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.