Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Accurate Wealth Management LLC

Accurate Wealth Management LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 22,366 shares of the natural resource company’s stock after buying an additional 1,312 shares during the period. Accurate Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $26,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.5 %

FCX stock opened at $48.18 on Friday. The company has a market cap of $69.21 billion, a price-to-earnings ratio of 42.64, a PEG ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $45.48 and a 200-day simple moving average of $47.89. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period in the prior year, the firm earned $0.35 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FCX shares. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Finally, Morgan Stanley reduced their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.29.

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.