Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Alerus Financial NA

Alerus Financial NA increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 315.0% in the 3rd quarter, Holdings Channel reports. The firm owned 40,297 shares of the natural resource company’s stock after purchasing an additional 30,586 shares during the period. Alerus Financial NA’s holdings in Freeport-McMoRan were worth $2,012,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 423.5% in the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after acquiring an additional 2,255,529 shares during the last quarter. Capital Wealth Planning LLC raised its position in shares of Freeport-McMoRan by 34.9% in the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after buying an additional 1,538,560 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. International Assets Investment Management LLC boosted its position in Freeport-McMoRan by 5,249.5% during the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after acquiring an additional 1,316,261 shares during the last quarter. Finally, Wulff Hansen & CO. grew its stake in Freeport-McMoRan by 4,760.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock valued at $58,234,000 after acquiring an additional 1,173,578 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 1.0 %

Shares of Freeport-McMoRan stock opened at $44.20 on Friday. The company has a 50-day moving average of $46.87 and a two-hundred day moving average of $46.89. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month 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 cap of $63.51 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 17.44 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Raymond James boosted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. 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 research note on Wednesday, September 4th. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Finally, Morgan Stanley reduced their price target 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. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.