Moors & Cabot Inc. Boosts Stock Holdings in Freeport-McMoRan Inc. $FCX

Moors & Cabot Inc. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 46,085 shares of the natural resource company’s stock after buying an additional 2,195 shares during the period. Moors & Cabot Inc.’s holdings in Freeport-McMoRan were worth $1,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FCX. Brighton Jones LLC increased its holdings in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC increased its holdings in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of Freeport-McMoRan by 8.5% during the 1st quarter. Concurrent Investment Advisors LLC now owns 34,055 shares of the natural resource company’s stock valued at $1,289,000 after purchasing an additional 2,656 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Freeport-McMoRan by 3.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,469,761 shares of the natural resource company’s stock valued at $55,645,000 after purchasing an additional 42,664 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in shares of Freeport-McMoRan by 8.7% during the 1st quarter. TD Private Client Wealth LLC now owns 12,868 shares of the natural resource company’s stock valued at $487,000 after purchasing an additional 1,031 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $40.17 on Thursday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.21. The firm has a market capitalization of $57.68 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 0.94 and a beta of 1.58. The company has a fifty day simple moving average of $42.30 and a 200-day simple moving average of $41.55. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s payout ratio is presently 21.13%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCX. Johnson Rice cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Jefferies Financial Group reissued a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Finally, Scotiabank boosted their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

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.