Signature Estate & Investment Advisors LLC Buys 82,917 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Signature Estate & Investment Advisors LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 422,222 shares of the natural resource company’s stock after purchasing an additional 82,917 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $21,077,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. lifted its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the second quarter valued at approximately $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the third quarter worth $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the second quarter worth $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.3 %

NYSE FCX opened at $43.26 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 $35.29 and a 52-week high of $55.24. The stock has a market capitalization of $62.16 billion, a P/E ratio of 31.58, a P/E/G ratio of 1.86 and a beta of 1.91. The firm has a 50-day moving average price of $46.58 and a 200 day moving average price of $47.43.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates 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%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.51 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 issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank dropped their price target on shares of 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. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.