Beck Capital Management LLC Purchases 18,757 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Beck Capital Management LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 32.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,659 shares of the natural resource company’s stock after buying an additional 18,757 shares during the quarter. Beck Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,827,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Deane Retirement Strategies Inc. lifted its position 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 worth $2,357,000 after purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. increased its stake in Freeport-McMoRan by 1.0% in 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 buying an additional 214 shares during the last quarter. Trust Co. of Vermont lifted its position in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after buying an additional 228 shares in the last quarter. Fidelis Capital Partners LLC boosted its stake in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after buying an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC grew its holdings in shares of Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after acquiring an additional 234 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.0 %

Freeport-McMoRan stock opened at $44.20 on Monday. The company’s 50-day moving average price is $46.87 and its two-hundred day moving average price is $46.85. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $63.51 billion, a P/E ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analysts Set New Price Targets

FCX has been the topic of several analyst reports. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Finally, Morgan Stanley decreased 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 report on Thursday, September 19th. Six equities 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.