Glass Wealth Management Co LLC Has $6.23 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Glass Wealth Management Co LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,764 shares of the natural resource company’s stock after purchasing an additional 2,445 shares during the quarter. Freeport-McMoRan accounts for about 3.4% of Glass Wealth Management Co LLC’s investment portfolio, making the stock its 6th biggest holding. Glass Wealth Management Co LLC’s holdings in Freeport-McMoRan were worth $6,228,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Hazlett Burt & Watson Inc. lifted its stake in Freeport-McMoRan by 1,170.7% during the 2nd 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 during the period. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the first quarter worth approximately $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.3 %

FCX opened at $42.70 on Monday. The stock has a market cap of $61.35 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 1.84 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. The firm’s fifty day moving average is $46.63 and its 200 day moving average is $47.33. Freeport-McMoRan Inc. has a fifty-two week low of $35.29 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for 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 business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FCX shares. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. 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. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.