FLC Capital Advisors Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

FLC Capital Advisors raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 9.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,264 shares of the natural resource company’s stock after acquiring an additional 700 shares during the period. FLC Capital Advisors’ holdings in Freeport-McMoRan were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Truist Financial Corp boosted its stake in Freeport-McMoRan by 22.8% in the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after acquiring an additional 25,214 shares in the last quarter. Norden Group LLC lifted its stake in shares of Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares during the period. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after buying an additional 1,210,833 shares during the period. SageView Advisory Group LLC acquired a new position in Freeport-McMoRan during the first quarter valued at $770,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Freeport-McMoRan by 0.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,575,357 shares of the natural resource company’s stock valued at $168,113,000 after purchasing an additional 16,040 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 1.5 %

FCX stock opened at $47.97 on Thursday. The stock has a market capitalization of $68.91 billion, a P/E ratio of 42.45, a P/E/G ratio of 2.03 and a beta of 1.90. The firm has a 50-day simple moving average of $45.20 and a 200-day simple moving average of $47.88. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.63%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Scotiabank lifted their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday, October 8th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.29.

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.