Jaffetilchin Investment Partners LLC Raises Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Jaffetilchin Investment Partners LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,183 shares of the natural resource company’s stock after purchasing an additional 705 shares during the period. Jaffetilchin Investment Partners LLC’s holdings in Freeport-McMoRan were worth $558,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FCX. Easterly Investment Partners LLC increased its stake in shares of Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares during the period. Summit Global Investments raised its holdings in shares of Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after purchasing an additional 71,883 shares in the last quarter. AIA Group Ltd lifted its position in shares of Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after purchasing an additional 12,887 shares during the period. NorthCrest Asset Manangement LLC lifted its position in shares of Freeport-McMoRan by 33.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock worth $21,572,000 after purchasing an additional 107,852 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock valued at $10,393,000 after buying an additional 35,972 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 3.1 %

Shares of NYSE:FCX opened at $44.90 on Tuesday. 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 $33.38 and a 52-week high of $55.24. The stock has a market cap of $64.52 billion, a price-to-earnings ratio of 32.77, a PEG ratio of 1.98 and a beta of 1.91. The business has a 50-day moving average price of $46.46 and a 200-day moving average price of $47.54.

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, topping analysts’ consensus estimates 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 analyst estimates of $6.45 billion. During the same period last year, the firm posted $0.39 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.90%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Morgan Stanley lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, 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 note on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.