King Luther Capital Management Corp Purchases 323 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

King Luther Capital Management Corp raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,303 shares of the natural resource company’s stock after buying an additional 323 shares during the period. King Luther Capital Management Corp’s holdings in Freeport-McMoRan were worth $1,014,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan in the third quarter worth about $25,000. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. raised its holdings in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the second quarter worth $26,000. Finally, LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FCX shares. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank reduced their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $43.72 on Friday. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The business’s fifty day simple moving average is $46.87 and its two-hundred day simple moving average is $47.12. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company has a market cap of $62.82 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the company earned $0.39 EPS. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Freeport-McMoRan Company 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.