Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Signature Estate & Investment Advisors LLC

Signature Estate & Investment Advisors LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 422,222 shares of the natural resource company's stock after purchasing an additional 82,917 shares during the period. Signature Estate & Investment Advisors LLC's holdings in Freeport-McMoRan were worth $21,077,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCX. Capital Research Global Investors raised its stake in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company's stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Capital International Investors bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $417,752,000. Capital World Investors grew its holdings in shares of Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company's stock worth $712,600,000 after purchasing an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $197,966,000. Finally, Swedbank AB bought a new position in Freeport-McMoRan in the 1st quarter valued at $162,464,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.3 %

NYSE:FCX traded down $0.58 during trading hours on Friday, reaching $42.69. 12,901,949 shares of the company traded hands, compared to its average volume of 12,931,597. The business's 50-day moving average price is $46.58 and its two-hundred day moving average price is $47.43. Freeport-McMoRan Inc. has a 1 year low of $35.29 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 stock has a market capitalization of $61.34 billion, a P/E ratio of 31.59, a P/E/G ratio of 1.86 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 EPS. The business's quarterly revenue was up 16.6% on a year-over-year basis. Analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid 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 dividend yield of 0.70%. Freeport-McMoRan's dividend payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FCX. 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. Royal Bank of Canada reiterated a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. 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 report on Wednesday, October 23rd. Finally, StockNews.com downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

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.