CWA Asset Management Group LLC Invests $744,000 in Freeport-McMoRan Inc. (NYSE:FCX)

CWA Asset Management Group LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 14,898 shares of the natural resource company's stock, valued at approximately $744,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan in the second quarter worth $25,000. Hazlett Burt & Watson Inc. lifted its holdings in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the second quarter valued at $26,000. Finally, LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 2.8 %

Shares of Freeport-McMoRan stock traded down $1.31 during trading hours on Monday, reaching $45.05. The stock had a trading volume of 7,128,424 shares, compared to its average volume of 12,891,382. The firm has a market capitalization of $64.73 billion, a price-to-earnings ratio of 33.84, a P/E/G ratio of 1.98 and a beta of 1.91. Freeport-McMoRan Inc. has a 1 year low of $33.38 and a 1 year high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $46.45 and a two-hundred day simple moving average of $47.57.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating 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 analysts' expectations of $6.45 billion. During the same period in the previous year, the company posted $0.39 earnings per share. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Raymond James boosted their price objective 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. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley cut 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. JPMorgan Chase & Co. raised 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. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price 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.