Fidelis Capital Partners LLC Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Fidelis Capital Partners LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,681 shares of the natural resource company’s stock after buying an additional 231 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Freeport-McMoRan were worth $560,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in Freeport-McMoRan by 0.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,575,357 shares of the natural resource company’s stock valued at $168,113,000 after purchasing an additional 16,040 shares during the period. State of Alaska Department of Revenue raised its position in Freeport-McMoRan by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 155,595 shares of the natural resource company’s stock valued at $7,316,000 after purchasing an additional 710 shares during the period. First Trust Direct Indexing L.P. raised its position in Freeport-McMoRan by 12.4% in the first quarter. First Trust Direct Indexing L.P. now owns 42,003 shares of the natural resource company’s stock valued at $1,975,000 after purchasing an additional 4,628 shares during the period. New Century Financial Group LLC raised its position in Freeport-McMoRan by 14.9% in the first quarter. New Century Financial Group LLC now owns 7,506 shares of the natural resource company’s stock valued at $353,000 after purchasing an additional 975 shares during the period. Finally, Ashton Thomas Private Wealth LLC raised its position in Freeport-McMoRan by 3.5% in the first quarter. Ashton Thomas Private Wealth LLC now owns 19,091 shares of the natural resource company’s stock valued at $898,000 after purchasing an additional 649 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.3 %

Freeport-McMoRan stock opened at $45.97 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. The company has a market capitalization of $66.05 billion, a P/E ratio of 33.55, a PEG ratio of 1.99 and a beta of 1.90. The stock has a 50-day simple moving average of $46.14 and a 200-day simple moving average of $47.72.

Freeport-McMoRan (NYSE:FCX) 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 return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.