Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Portside Wealth Group LLC

Portside Wealth Group LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,951 shares of the natural resource company’s stock after buying an additional 2,688 shares during the quarter. Portside Wealth Group LLC’s holdings in Freeport-McMoRan were worth $1,096,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FCX. Matrix Trust Co acquired a new position in Freeport-McMoRan during the third quarter worth about $25,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. lifted its stake in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $26,000. Finally, LRI Investments LLC purchased a new position in Freeport-McMoRan during the first quarter worth $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Freeport-McMoRan Stock Performance

NYSE FCX opened at $46.37 on Friday. 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 Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The firm has a market capitalization of $66.62 billion, a P/E ratio of 33.84, a P/E/G ratio of 1.98 and a beta of 1.91. The business’s 50-day simple moving average is $46.45 and its 200-day simple moving average is $47.58.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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 firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the company posted $0.39 earnings per share. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.65%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.