International Assets Investment Management LLC Buys 1,316,261 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

International Assets Investment Management LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5,249.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,341,335 shares of the natural resource company’s stock after purchasing an additional 1,316,261 shares during the period. International Assets Investment Management LLC’s holdings in Freeport-McMoRan were worth $66,959,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FCX. Brookstone Capital Management raised its position in Freeport-McMoRan by 12.0% in the first quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock worth $386,000 after acquiring an additional 883 shares during the period. Wealthcare Advisory Partners LLC raised its position in Freeport-McMoRan by 57.8% in the first quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock worth $457,000 after acquiring an additional 3,557 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Freeport-McMoRan by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock worth $7,412,000 after acquiring an additional 4,547 shares during the period. Founders Financial Securities LLC raised its position in Freeport-McMoRan by 8.9% in the first quarter. Founders Financial Securities LLC now owns 18,713 shares of the natural resource company’s stock worth $880,000 after acquiring an additional 1,527 shares during the period. Finally, Trilogy Capital Inc. bought a new position in Freeport-McMoRan in the first quarter worth approximately $1,239,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FCX shares. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Performance

FCX opened at $46.60 on Friday. The stock has a market capitalization of $66.96 billion, a price-to-earnings ratio of 34.01, a PEG ratio of 1.99 and a beta of 1.90. The company has a fifty day moving average of $45.99 and a 200 day moving average of $47.80. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the company posted $0.39 earnings per share. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.