Entropy Technologies LP Purchases 38,038 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Entropy Technologies LP grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 71.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,578 shares of the natural resource company's stock after purchasing an additional 38,038 shares during the period. Entropy Technologies LP's holdings in Freeport-McMoRan were worth $4,572,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Apollon Wealth Management LLC lifted its stake in Freeport-McMoRan by 5.7% in the 3rd quarter. Apollon Wealth Management LLC now owns 37,431 shares of the natural resource company's stock worth $1,869,000 after purchasing an additional 2,031 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its stake in shares of Freeport-McMoRan by 5.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 41,651 shares of the natural resource company's stock worth $2,079,000 after acquiring an additional 2,226 shares during the period. Jupiter Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 7.6% during the third quarter. Jupiter Wealth Management LLC now owns 59,274 shares of the natural resource company's stock valued at $2,959,000 after acquiring an additional 4,193 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 11.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 17,761 shares of the natural resource company's stock worth $887,000 after buying an additional 1,894 shares during the period. Finally, Jaffetilchin Investment Partners LLC increased its position in shares of Freeport-McMoRan by 6.7% during the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 11,183 shares of the natural resource company's stock worth $558,000 after purchasing an additional 705 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 2.9 %

Shares of NYSE FCX traded down $1.30 during midday trading on Tuesday, reaching $43.60. 17,747,121 shares of the stock were exchanged, compared to its average volume of 12,940,654. The company has a current ratio of 2.33, a quick ratio of 1.30 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 50 day moving average price of $46.46 and a 200-day moving average price of $47.54. The company has a market capitalization of $62.65 billion, a P/E ratio of 31.75, a P/E/G ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 business had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter last year, the company earned $0.39 EPS. The company's revenue for the quarter was up 16.6% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.52 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 paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan's payout ratio is 21.90%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research analyst reports. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Morgan Stanley decreased 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. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six investment 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 company's stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus 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.