Summit Trail Advisors LLC Purchases 2,226 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Summit Trail Advisors LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,254 shares of the natural resource company’s stock after purchasing an additional 2,226 shares during the period. Summit Trail Advisors LLC’s holdings in Freeport-McMoRan were worth $562,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. boosted 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 valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the third quarter valued at about $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan in the first quarter valued at about $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the second quarter worth about $26,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $43.48 on Wednesday. The stock has a market capitalization of $62.48 billion, a PE ratio of 31.74, a PEG ratio of 1.89 and a beta of 1.91. The business’s 50 day simple moving average is $46.90 and its 200 day simple moving average is $47.05. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the firm posted $0.39 EPS. The company’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Scotiabank decreased 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. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. increased their target price on 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus 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.