Pinnacle Associates Ltd. Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Pinnacle Associates Ltd. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 0.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 220,726 shares of the natural resource company’s stock after purchasing an additional 983 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Freeport-McMoRan were worth $11,019,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Deane Retirement Strategies Inc. grew its stake in shares of Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after buying an additional 201 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after purchasing an additional 203 shares in the last quarter. Proficio Capital Partners LLC grew its stake in Freeport-McMoRan by 0.5% during the 1st 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 in the last quarter. Kingsview Wealth Management LLC grew its stake in Freeport-McMoRan by 4.3% during 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. grew its stake in 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 worth $1,037,000 after purchasing an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.3 %

Freeport-McMoRan stock opened at $45.97 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. The company has a market capitalization of $66.05 billion, a P/E ratio of 33.55, a PEG ratio of 1.99 and a beta of 1.90. The stock has a 50-day simple moving average of $46.14 and a 200-day simple moving average of $47.72.

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

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analyst Ratings Changes

FCX has been the subject of several analyst reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank lowered their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Morgan Stanley lowered their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Read Our Latest Report on FCX

About Freeport-McMoRan

(Free Report)

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.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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