Aaron Wealth Advisors LLC Acquires 1,106 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Aaron Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 316,148 shares of the natural resource company’s stock after buying an additional 1,106 shares during the period. Freeport-McMoRan makes up approximately 1.9% of Aaron Wealth Advisors LLC’s holdings, making the stock its 10th largest position. Aaron Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $15,782,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FCX. CWM LLC increased its stake in Freeport-McMoRan by 13.8% in the 1st quarter. CWM LLC now owns 42,556 shares of the natural resource company’s stock valued at $2,001,000 after buying an additional 5,162 shares during the period. NBC Securities Inc. increased its stake in shares of Freeport-McMoRan by 7.7% during the first quarter. NBC Securities Inc. now owns 17,109 shares of the natural resource company’s stock worth $814,000 after acquiring an additional 1,226 shares during the period. Los Angeles Capital Management LLC raised its holdings in Freeport-McMoRan by 308.9% during the first quarter. Los Angeles Capital Management LLC now owns 31,124 shares of the natural resource company’s stock worth $1,463,000 after purchasing an additional 23,512 shares in the last quarter. Banque Cantonale Vaudoise lifted its position in Freeport-McMoRan by 74.0% in the first quarter. Banque Cantonale Vaudoise now owns 1,740 shares of the natural resource company’s stock valued at $82,000 after purchasing an additional 740 shares during the period. Finally, Wedmont Private Capital boosted its holdings in Freeport-McMoRan by 15.6% in the 1st quarter. Wedmont Private Capital now owns 13,660 shares of the natural resource company’s stock valued at $701,000 after purchasing an additional 1,845 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of analyst reports. Scotiabank increased their target price on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 8th. Raymond James increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Royal Bank of Canada reiterated 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, Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Six equities research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.29.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $0.42 during trading on Friday, hitting $48.37. 1,698,849 shares of the company were exchanged, compared to its average volume of 13,087,965. The firm has a 50 day moving average price of $45.34 and a 200 day moving average price of $47.88. The stock has a market capitalization of $69.48 billion, a price-to-earnings ratio of 42.81, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

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

Freeport-McMoRan Cuts Dividend

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

About Freeport-McMoRan

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.