Commerce Bank Purchases 71,643 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Commerce Bank lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 21.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 412,493 shares of the natural resource company’s stock after acquiring an additional 71,643 shares during the quarter. Commerce Bank’s holdings in Freeport-McMoRan were worth $20,592,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FCX. Covestor Ltd lifted its holdings in shares of Freeport-McMoRan by 79.3% in the 1st quarter. Covestor Ltd now owns 1,137 shares of the natural resource company’s stock worth $53,000 after acquiring an additional 503 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $1,024,000. Axxcess Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 28.5% in the 1st quarter. Axxcess Wealth Management LLC now owns 19,002 shares of the natural resource company’s stock worth $893,000 after acquiring an additional 4,213 shares during the last quarter. Capital International Investors purchased a new position in Freeport-McMoRan in the 1st quarter worth about $417,752,000. Finally, Capital International Inc. CA increased its stake in Freeport-McMoRan by 189.8% in the 1st quarter. Capital International Inc. CA now owns 244,562 shares of the natural resource company’s stock worth $11,499,000 after buying an additional 160,182 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.0 %

Shares of Freeport-McMoRan stock opened at $43.70 on Thursday. The firm’s 50 day moving average price is $46.82 and its 200-day moving average price is $47.22. 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 $36.04 and a 52-week high of $55.24. The company has a market cap of $62.79 billion, a P/E ratio of 31.90, a PEG ratio of 1.84 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, 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 firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analysts Set New Price Targets

Several research analysts recently commented on FCX shares. Scotiabank reduced their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. 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. Based on data from MarketBeat, the stock currently 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.