Catalyst Financial Partners LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Catalyst Financial Partners LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,085 shares of the natural resource company’s stock after purchasing an additional 364 shares during the quarter. Catalyst Financial Partners LLC’s holdings in Freeport-McMoRan were worth $354,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Deane Retirement Strategies Inc. increased its holdings in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after purchasing an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares in the last quarter. Finally, Koshinski Asset Management Inc. increased its position in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after purchasing an additional 214 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FCX has been the subject of several research reports. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $45.02 on Friday. The firm has a market capitalization of $64.69 billion, a price-to-earnings ratio of 32.86, a PEG ratio of 1.99 and a beta of 1.90. The stock has a fifty day moving average of $46.14 and a 200 day moving average of $47.72. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

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

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is 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.