Stratos Investment Management LLC Has $1.69 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Stratos Investment Management LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,853 shares of the natural resource company’s stock after purchasing an additional 2,388 shares during the quarter. Stratos Investment Management LLC’s holdings in Freeport-McMoRan were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Inspire Advisors LLC lifted its position in Freeport-McMoRan by 7.0% in the 3rd quarter. Inspire Advisors LLC now owns 12,640 shares of the natural resource company’s stock worth $631,000 after buying an additional 827 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 0.4% during the third quarter. Aaron Wealth Advisors LLC now owns 316,148 shares of the natural resource company’s stock worth $15,782,000 after acquiring an additional 1,106 shares in the last quarter. Stonegate Investment Group LLC boosted its position in Freeport-McMoRan by 1.1% during the third quarter. Stonegate Investment Group LLC now owns 30,425 shares of the natural resource company’s stock valued at $1,519,000 after purchasing an additional 333 shares during the last quarter. V Square Quantitative Management LLC grew its stake in Freeport-McMoRan by 23.2% in the third quarter. V Square Quantitative Management LLC now owns 5,623 shares of the natural resource company’s stock valued at $281,000 after purchasing an additional 1,060 shares in the last quarter. Finally, Addison Capital Co acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $203,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FCX. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank increased their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 8th. Raymond James boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $53.29.

Freeport-McMoRan Stock Up 0.5 %

Shares of FCX stock opened at $48.18 on Friday. The stock has a 50 day moving average of $45.48 and a 200-day moving average of $47.89. The firm has a market cap of $69.21 billion, a PE ratio of 42.64, a price-to-earnings-growth 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 12 month low of $32.83 and a 12 month high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given 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 0.62%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.