Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Apollon Wealth Management LLC

Apollon Wealth Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% during the third quarter, HoldingsChannel.com reports. The firm owned 37,431 shares of the natural resource company’s stock after purchasing an additional 2,031 shares during the period. Apollon Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,869,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Deane Retirement Strategies Inc. grew its stake in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after purchasing an additional 201 shares during the period. Kingsview Wealth Management LLC grew its stake in shares of Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after buying an additional 214 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after buying an additional 228 shares in the last quarter. Finally, Fidelis Capital Partners LLC boosted its position in shares of Freeport-McMoRan by 2.0% in the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after buying an additional 231 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCX shares. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Down 1.1 %

Shares of NYSE:FCX opened at $43.13 on Thursday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $34.55 and a 52-week high of $55.24. The company has a 50 day moving average of $46.54 and a two-hundred day moving average of $47.46. The company has a market capitalization of $61.96 billion, a price-to-earnings ratio of 31.48, a price-to-earnings-growth ratio of 1.88 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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 7.81% and a return on equity of 7.40%. The company 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 company earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.70%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.