Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 48,443 shares of the natural resource company’s stock after buying an additional 3,490 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Freeport-McMoRan were worth $2,418,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Kestra Advisory Services LLC boosted its position in shares of Freeport-McMoRan by 7.5% during the 1st quarter. Kestra Advisory Services LLC now owns 300,719 shares of the natural resource company’s stock worth $14,140,000 after purchasing an additional 20,856 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $277,000. Caxton Associates LP acquired a new position in Freeport-McMoRan during the first quarter worth about $3,526,000. Zurich Insurance Group Ltd FI increased its holdings in Freeport-McMoRan by 31.7% in the first quarter. Zurich Insurance Group Ltd FI now owns 1,509,554 shares of the natural resource company’s stock valued at $70,979,000 after buying an additional 363,238 shares in the last quarter. Finally, Iron Gate Global Advisors LLC lifted its position in shares of Freeport-McMoRan by 23.8% during the 1st quarter. Iron Gate Global Advisors LLC now owns 7,281 shares of the natural resource company’s stock valued at $346,000 after acquiring an additional 1,400 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $43.72 on Friday. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The company’s 50 day simple moving average is $46.87 and its 200 day simple moving average is $47.12. The company has a market capitalization of $62.82 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.89 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research reports. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Scotiabank cut their target price on shares of 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. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Profile

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.