Icon Wealth Advisors LLC Purchases 3,704 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Icon Wealth Advisors LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 69.6% in the third quarter, Holdings Channel reports. The fund owned 9,029 shares of the natural resource company’s stock after purchasing an additional 3,704 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $451,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB bought a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $162,464,000. Los Angeles Capital Management LLC lifted its holdings in Freeport-McMoRan by 423.5% during the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after buying an additional 2,255,529 shares during the period. Capital Wealth Planning LLC boosted its position in Freeport-McMoRan by 34.9% during the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after acquiring an additional 1,538,560 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Freeport-McMoRan by 5,249.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after acquiring an additional 1,316,261 shares during the period. Finally, Wulff Hansen & CO. raised its position in shares of Freeport-McMoRan by 4,760.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock worth $58,234,000 after acquiring an additional 1,173,578 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FCX shares. Morgan Stanley cut 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. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank cut their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $43.72 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The business’s 50 day moving average price is $46.87 and its 200 day moving average price is $47.12. The firm has a market cap of $62.82 billion, a P/E ratio of 31.91, a P/E/G ratio of 1.89 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 earnings per share 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 the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $0.39 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

About Freeport-McMoRan

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.