Freeport-McMoRan Inc. (NYSE:FCX) Position Increased by Leo Wealth LLC

Leo Wealth LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,783 shares of the natural resource company’s stock after acquiring an additional 2,122 shares during the period. Leo Wealth LLC’s holdings in Freeport-McMoRan were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the third quarter worth $25,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $25,000. Hazlett Burt & Watson Inc. raised its holdings 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 acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $26,000. Finally, LRI Investments LLC bought a new position in Freeport-McMoRan during the first quarter valued at about $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. 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. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six equities 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 company. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $53.92.

Freeport-McMoRan Trading Up 1.2 %

Shares of NYSE:FCX opened at $48.53 on Wednesday. The company has a market cap of $69.71 billion, a P/E ratio of 42.95, a P/E/G ratio of 2.03 and a beta of 1.90. The stock’s 50-day moving average is $45.61 and its 200-day moving average is $47.86. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. 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 (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.