Alerus Financial NA Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Alerus Financial NA raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 315.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,297 shares of the natural resource company’s stock after acquiring an additional 30,586 shares during the quarter. Alerus Financial NA’s holdings in Freeport-McMoRan were worth $2,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC grew its holdings 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 valued at $139,183,000 after purchasing an additional 2,255,529 shares during the period. Capital Wealth Planning LLC grew its stake in shares of Freeport-McMoRan by 34.9% during 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 during the period. Fisher Asset Management LLC increased its holdings in Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after acquiring an additional 1,392,494 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Freeport-McMoRan by 5,249.5% in 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 in the last quarter. Finally, Wulff Hansen & CO. raised its stake in Freeport-McMoRan by 4,760.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock worth $58,234,000 after acquiring an additional 1,173,578 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.0 %

Shares of NYSE:FCX opened at $44.20 on Friday. The firm has a market capitalization of $63.51 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 17.44 and a beta of 1.91. The business has a 50 day simple moving average of $46.87 and a two-hundred day simple moving average of $46.89. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. 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 announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the business posted $0.39 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued 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%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FCX shares. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $54.00.

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.