SeaCrest Wealth Management LLC Buys 358 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

SeaCrest Wealth Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,797 shares of the natural resource company’s stock after acquiring an additional 358 shares during the period. SeaCrest Wealth Management LLC’s holdings in Freeport-McMoRan were worth $938,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FCX. ICA Group Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $77,000. CWM LLC boosted its position in Freeport-McMoRan by 13.8% during the 1st quarter. CWM LLC now owns 42,556 shares of the natural resource company’s stock worth $2,001,000 after acquiring an additional 5,162 shares during the last quarter. NBC Securities Inc. grew its stake in shares of Freeport-McMoRan by 7.7% during the 1st quarter. NBC Securities Inc. now owns 17,109 shares of the natural resource company’s stock worth $814,000 after acquiring an additional 1,226 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 308.9% in the first quarter. Los Angeles Capital Management LLC now owns 31,124 shares of the natural resource company’s stock valued at $1,463,000 after purchasing an additional 23,512 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Freeport-McMoRan by 29.0% in the first quarter. GAMMA Investing LLC now owns 10,959 shares of the natural resource company’s stock worth $515,000 after purchasing an additional 2,463 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on FCX. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.29.

Freeport-McMoRan Stock Up 1.5 %

Freeport-McMoRan stock opened at $47.97 on Thursday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a market cap of $68.91 billion, a P/E ratio of 42.45, a P/E/G ratio of 2.03 and a beta of 1.90. The company’s 50-day moving average price is $45.20 and its two-hundred day moving average price is $47.88. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

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, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the company earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.