Osborne Partners Capital Management LLC Has $3.91 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Osborne Partners Capital Management LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,219 shares of the natural resource company’s stock after purchasing an additional 2,675 shares during the period. Osborne Partners Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,905,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hazlett Burt & Watson Inc. grew its stake in shares of 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 buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the 2nd quarter worth about $25,000. Matrix Trust Co bought a new position 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 bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $26,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FCX shares. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six equities research 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $46.60 on Friday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a fifty day moving average of $45.99 and a 200-day moving average of $47.83. The firm has a market capitalization of $66.94 billion, a P/E ratio of 41.24, a P/E/G ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly 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. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.64%. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.