Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 112.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,301 shares of the natural resource company's stock after purchasing an additional 25,581 shares during the period. Kovitz Investment Group Partners LLC's holdings in Freeport-McMoRan were worth $2,411,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $25,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Hazlett Burt & Watson Inc. boosted its holdings in shares of 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 in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $27,000. Finally, Godsey & Gibb Inc. boosted its holdings in shares of Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company's stock valued at $29,000 after buying an additional 346 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. increased their price target 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. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. Finally, StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.92.

Freeport-McMoRan Price Performance

Shares of FCX traded down $1.04 during trading hours on Tuesday, reaching $42.69. The company had a trading volume of 10,834,255 shares, compared to its average volume of 12,842,520. The firm has a 50 day simple moving average of $46.15 and a 200-day simple moving average of $46.39. 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 company has a market capitalization of $61.34 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 16.60 and a beta of 1.86. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 posted $0.39 EPS. The firm's revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

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.