Private Advisor Group LLC Has $3.43 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Private Advisor Group LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,132 shares of the natural resource company’s stock after acquiring an additional 5,738 shares during the period. Private Advisor Group LLC’s holdings in Freeport-McMoRan were worth $3,431,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. FMR LLC grew its position in shares of Freeport-McMoRan by 2.6% in the 1st quarter. FMR LLC now owns 105,191,820 shares of the natural resource company’s stock valued at $4,303,397,000 after acquiring an additional 2,667,362 shares during the period. Fisher Asset Management LLC grew its position in shares of Freeport-McMoRan by 1.7% in the 2nd quarter. Fisher Asset Management LLC now owns 54,842,377 shares of the natural resource company’s stock valued at $2,193,695,000 after acquiring an additional 895,617 shares during the period. Geode Capital Management LLC grew its position in shares of Freeport-McMoRan by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after acquiring an additional 472,160 shares during the period. Bank of New York Mellon Corp grew its position in shares of Freeport-McMoRan by 7.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 21,659,892 shares of the natural resource company’s stock valued at $866,396,000 after acquiring an additional 1,574,761 shares during the period. Finally, Morgan Stanley grew its position in shares of Freeport-McMoRan by 4.8% in the 4th quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock valued at $628,278,000 after acquiring an additional 753,458 shares during the period. Institutional investors own 77.96% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $36.65 on Tuesday. The firm has a 50 day moving average of $36.04 and a 200-day moving average of $38.08. The stock has a market capitalization of $52.56 billion, a PE ratio of 24.76 and a beta of 2.06. The company has a current ratio of 2.90, a quick ratio of 1.67 and a debt-to-equity ratio of 0.35. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $46.73.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 19th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. Freeport-McMoRan had a net margin of 9.50% and a return on equity of 9.98%. The company had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period in the previous year, the firm posted $0.26 EPS. The firm’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.45 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th were given a $0.15 dividend. The ex-dividend date was Thursday, October 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 20.27%.

Analyst Ratings Changes

A number of brokerages have recently commented on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. Stifel Nicolaus cut their target price on shares of Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, August 22nd. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $44.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, October 20th. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, October 20th. Finally, Scotiabank dropped their price objective on shares of Freeport-McMoRan from $49.00 to $48.00 in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $42.50.

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.