Autumn Glory Partners LLC Buys 6,512 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Autumn Glory Partners LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 128.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 11,592 shares of the natural resource company’s stock after purchasing an additional 6,512 shares during the quarter. Autumn Glory Partners LLC’s holdings in Freeport-McMoRan were worth $581,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Brookstone Capital Management increased its stake in Freeport-McMoRan by 12.0% during the first quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock valued at $386,000 after acquiring an additional 883 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Freeport-McMoRan by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock worth $7,412,000 after purchasing an additional 4,547 shares in the last quarter. Claro Advisors LLC increased its position in shares of Freeport-McMoRan by 9.0% during the first quarter. Claro Advisors LLC now owns 6,065 shares of the natural resource company’s stock valued at $285,000 after purchasing an additional 501 shares during the period. MV Capital Management Inc. raised its stake in shares of Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Freeport-McMoRan by 0.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,575,357 shares of the natural resource company’s stock worth $168,113,000 after purchasing an additional 16,040 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $46.73 on Tuesday. The stock has a 50-day simple moving average of $46.04 and a 200 day simple moving average of $47.75. The stock has a market capitalization of $67.14 billion, a price-to-earnings ratio of 34.11, a P/E/G ratio of 1.99 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-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. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company 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 firm posted $0.39 earnings per share. The company’s revenue was up 16.6% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.90%.

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.