Grimes & Company Inc. Acquires New Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Grimes & Company Inc. acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,777 shares of the natural resource company’s stock, valued at approximately $238,000.

Other large investors have also added to or reduced their stakes in the company. Truist Financial Corp raised its holdings in Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after buying an additional 25,214 shares during the last quarter. Norden Group LLC raised its holdings in Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after buying an additional 236,891 shares during the last quarter. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. SageView Advisory Group LLC bought a new position in Freeport-McMoRan during the 1st quarter worth approximately $770,000. Finally, Verde Servicos Internacionais S.A. bought a new position in Freeport-McMoRan during the 3rd quarter worth approximately $5,515,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $46.84 on Friday. The company has a fifty day moving average of $45.93 and a 200-day moving average of $47.85. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $67.29 billion, a P/E ratio of 41.45, 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 (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the firm posted $0.39 EPS. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Scotiabank lowered their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday. Raymond James raised 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 lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley lowered their price target 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. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.