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

Avior Wealth Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,890 shares of the natural resource company’s stock after acquiring an additional 1,034 shares during the quarter. Avior Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,339,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its holdings in Freeport-McMoRan by 4.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 228,860 shares of the natural resource company’s stock valued at $11,425,000 after acquiring an additional 9,153 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Freeport-McMoRan during the third quarter valued at approximately $3,016,000. Princeton Capital Management LLC boosted its holdings in Freeport-McMoRan by 4.4% during the third quarter. Princeton Capital Management LLC now owns 25,045 shares of the natural resource company’s stock worth $1,250,000 after buying an additional 1,065 shares in the last quarter. Prospera Financial Services Inc grew its position in Freeport-McMoRan by 15.6% in the third quarter. Prospera Financial Services Inc now owns 71,497 shares of the natural resource company’s stock worth $3,569,000 after buying an additional 9,648 shares during the last quarter. Finally, Meeder Advisory Services Inc. increased its holdings in shares of Freeport-McMoRan by 0.9% in the third quarter. Meeder Advisory Services Inc. now owns 32,339 shares of the natural resource company’s stock valued at $1,614,000 after buying an additional 298 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $44.10 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The stock’s 50-day moving average is $46.77 and its two-hundred day moving average is $47.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a market cap of $63.37 billion, a P/E ratio of 32.19, a PEG ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid 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 dividend yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six research 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.