Hoese & Co LLP Purchases Shares of 2,000 Freeport-McMoRan Inc. (NYSE:FCX)

Hoese & Co LLP acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 2,000 shares of the natural resource company’s stock, valued at approximately $100,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. grew its stake 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 during the period. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the 3rd quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter valued at $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $49.54 on Friday. The stock has a market cap of $71.18 billion, a P/E ratio of 37.53, a PEG ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $44.59 and its two-hundred day moving average price is $47.80. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the firm posted $0.35 earnings per share. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.61%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FCX shares. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley reduced 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, StockNews.com downgraded shares of 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, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan 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.