Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Brookstone Capital Management

Brookstone Capital Management boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 53.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,044 shares of the natural resource company’s stock after purchasing an additional 4,565 shares during the period. Brookstone Capital Management’s holdings in Freeport-McMoRan were worth $651,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the last quarter. Capital International Investors acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $417,752,000. Capital World Investors grew its holdings in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $197,966,000. Finally, Swedbank AB purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX opened at $50.03 on Monday. The company has a market capitalization of $71.89 billion, a P/E ratio of 37.90, a PEG ratio of 2.03 and a beta of 1.90. The company has a 50-day moving average of $44.75 and a 200-day moving average of $47.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Scotiabank raised their target price on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday, October 8th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan 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.