Private Wealth Partners LLC Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Private Wealth Partners LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 9.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 252,152 shares of the natural resource company’s stock after acquiring an additional 21,583 shares during the quarter. Freeport-McMoRan makes up approximately 1.0% of Private Wealth Partners LLC’s portfolio, making the stock its 29th biggest position. Private Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $12,587,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hazlett Burt & Watson Inc. boosted its position 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 worth $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the second quarter valued at about $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the third quarter valued at about $25,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan during the second quarter worth about $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on FCX shares. UBS Group upgraded shares of 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 research note on Wednesday, September 4th. 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 note on Tuesday, October 15th. 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 report on Thursday, September 19th. 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 report on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. 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 company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Up 1.3 %

Shares of FCX stock opened at $45.59 on Friday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a market cap of $65.51 billion, a P/E ratio of 33.28, a P/E/G ratio of 1.93 and a beta of 1.91. The stock has a 50 day moving average of $46.20 and a 200 day moving average of $47.67. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the firm earned $0.39 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.66%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.