Assetmark Inc. Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Assetmark Inc. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 107.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,394 shares of the natural resource company's stock after purchasing an additional 35,368 shares during the quarter. Assetmark Inc.'s holdings in Freeport-McMoRan were worth $3,414,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. increased its stake in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $26,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

NYSE:FCX traded down $0.48 during trading hours on Wednesday, hitting $43.12. The stock had a trading volume of 11,912,059 shares, compared to its average volume of 12,936,307. The company has a 50 day simple moving average of $46.51 and a two-hundred day simple moving average of $47.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $34.55 and a one year high of $55.24. The firm has a market capitalization of $61.96 billion, a price-to-earnings ratio of 31.69, a P/E/G ratio of 1.88 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 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 firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the firm earned $0.39 EPS. The business's quarterly revenue was up 16.6% compared to the same quarter last year. Research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FCX. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Finally, Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a research report on Wednesday, October 23rd. Six research 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 company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.00.

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.