Strategic Wealth Advisors Group LLC Increases Stock Holdings in Freeport-McMoRan Inc (NYSE:FCX)

Strategic Wealth Advisors Group LLC increased its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 26.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 36,817 shares of the natural resource company’s stock after acquiring an additional 7,606 shares during the period. Strategic Wealth Advisors Group LLC’s holdings in Freeport-McMoRan were worth $350,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 31.9% in the 3rd quarter. Fisher Asset Management LLC now owns 38,822,910 shares of the natural resource company’s stock valued at $371,535,000 after acquiring an additional 9,381,370 shares during the period. Northern Trust Corp grew its stake in Freeport-McMoRan by 2.2% during the 2nd quarter. Northern Trust Corp now owns 21,091,006 shares of the natural resource company’s stock worth $244,867,000 after buying an additional 446,954 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Freeport-McMoRan by 10.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 12,037,806 shares of the natural resource company’s stock worth $139,759,000 after buying an additional 1,155,099 shares during the last quarter. Nuveen Asset Management LLC grew its stake in Freeport-McMoRan by 14,378.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock worth $127,299,000 after buying an additional 10,888,904 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Freeport-McMoRan by 8.5% during the 2nd quarter. Invesco Ltd. now owns 9,703,380 shares of the natural resource company’s stock worth $112,656,000 after buying an additional 761,139 shares during the last quarter. 72.95% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan stock traded up $0.25 during trading hours on Friday, hitting $11.52. 24,074,272 shares of the stock traded hands, compared to its average volume of 21,553,258. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.49 and a quick ratio of 1.17. The firm’s 50 day moving average price is $9.82 and its 200-day moving average price is $10.44. The stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of 7.58 and a beta of 2.44. Freeport-McMoRan Inc has a 1 year low of $8.43 and a 1 year high of $14.68.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). The business had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.49 billion. Freeport-McMoRan had a positive return on equity of 0.90% and a negative net margin of 0.22%. The company’s quarterly revenue was down 32.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Research analysts forecast that Freeport-McMoRan Inc will post 0.04 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.05 per share. The ex-dividend date was Friday, October 11th. This represents a $0.20 annualized dividend and a yield of 1.74%. Freeport-McMoRan’s payout ratio is presently 13.16%.

Several brokerages recently weighed in on FCX. ValuEngine upgraded Freeport-McMoRan from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. B. Riley set a $13.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a research note on Monday, October 21st. BNP Paribas began coverage on Freeport-McMoRan in a research note on Friday, September 20th. They set an “outperform” rating on the stock. Finally, Raymond James restated a “market perform” rating and set a $11.50 target price on shares of Freeport-McMoRan in a research note on Thursday, October 24th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Freeport-McMoRan presently has a consensus rating of “Buy” and an average price target of $13.03.

Freeport-McMoRan Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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