Beck Capital Management LLC Has $3.83 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Beck Capital Management LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 32.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,659 shares of the natural resource company’s stock after buying an additional 18,757 shares during the period. Beck Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers raised its holdings in shares of Freeport-McMoRan by 239.4% in the first quarter. Cetera Investment Advisers now owns 291,025 shares of the natural resource company’s stock valued at $13,684,000 after buying an additional 205,286 shares during the last quarter. Cetera Advisors LLC grew its stake in shares of Freeport-McMoRan by 70.0% during the first quarter. Cetera Advisors LLC now owns 65,178 shares of the natural resource company’s stock valued at $3,065,000 after purchasing an additional 26,849 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $209,000. Versant Capital Management Inc raised its position in Freeport-McMoRan by 209.9% in the 2nd quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 445 shares during the last quarter. Finally, Quent Capital LLC lifted its holdings in Freeport-McMoRan by 12.8% during the 2nd quarter. Quent Capital LLC now owns 2,773 shares of the natural resource company’s stock worth $135,000 after buying an additional 314 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley lowered their target price 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. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, Raymond James raised 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. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Price Performance

FCX opened at $44.20 on Monday. The stock has a market cap of $63.51 billion, a P/E ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $46.87 and a 200 day simple moving average of $46.85.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.