D.A. Davidson & CO. Acquires 46,714 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

D.A. Davidson & CO. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 266,792 shares of the natural resource company’s stock after acquiring an additional 46,714 shares during the quarter. D.A. Davidson & CO.’s holdings in Freeport-McMoRan were worth $13,318,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FCX. Hazlett Burt & Watson Inc. lifted its holdings in 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 worth $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the third quarter worth $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the first quarter worth $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the second quarter worth $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 2.0 %

Shares of FCX stock opened at $43.48 on Wednesday. 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 business has a 50-day moving average price of $46.90 and a two-hundred day moving average price of $47.05. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The firm has a market cap of $62.48 billion, a P/E ratio of 31.74, a price-to-earnings-growth ratio of 1.92 and a beta of 1.91.

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

Freeport-McMoRan Cuts Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley reduced their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank reduced their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Finally, Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average 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.