Atlanta Consulting Group Advisors LLC Makes New $241,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Atlanta Consulting Group Advisors LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,834 shares of the natural resource company’s stock, valued at approximately $241,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FCX. Easterly Investment Partners LLC increased its stake in Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after acquiring an additional 85,542 shares during the last quarter. Summit Global Investments increased its position in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after purchasing an additional 71,883 shares in the last quarter. AIA Group Ltd raised its holdings in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after buying an additional 12,887 shares during the period. NorthCrest Asset Manangement LLC lifted its position in Freeport-McMoRan by 33.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after buying an additional 107,852 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after buying an additional 35,972 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. 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, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Down 1.3 %

NYSE FCX opened at $42.70 on Monday. The company’s fifty day moving average price is $46.63 and its two-hundred day moving average price is $47.33. The company has a market capitalization of $61.35 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91. Freeport-McMoRan Inc. has a 12 month low of $35.29 and a 12 month high of $55.24. 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 (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 earnings per share. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 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.