Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 144,689 shares of the natural resource company's stock after purchasing an additional 13,426 shares during the period. Prime Capital Investment Advisors LLC's holdings in Freeport-McMoRan were worth $7,223,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Scotiabank lowered their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a report on Wednesday, October 23rd. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Finally, UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.48 on Wednesday, reaching $43.13. The company's stock had a trading volume of 11,931,018 shares, compared to its average volume of 12,936,384. Freeport-McMoRan Inc. has a 52-week low of $34.55 and a 52-week high of $55.24. The stock has a market capitalization of $61.96 billion, a P/E ratio of 31.48, a PEG ratio of 1.88 and a beta of 1.91. The stock's 50-day moving average is $46.54 and its two-hundred day moving average is $47.46. 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 (NYSE:FCX - Get Free Report) last posted 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. The company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm's revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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

About Freeport-McMoRan

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.