Cerity Partners LLC Purchases 70,097 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cerity Partners LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 66.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 176,102 shares of the natural resource company’s stock after purchasing an additional 70,097 shares during the quarter. Cerity Partners LLC’s holdings in Freeport-McMoRan were worth $8,791,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Great Valley Advisor Group Inc. purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth $282,000. Nicolet Advisory Services LLC grew its position in Freeport-McMoRan by 2.7% in the third quarter. Nicolet Advisory Services LLC now owns 13,062 shares of the natural resource company’s stock worth $650,000 after acquiring an additional 349 shares in the last quarter. GenTrust LLC increased its stake in Freeport-McMoRan by 3.6% during the third quarter. GenTrust LLC now owns 50,343 shares of the natural resource company’s stock worth $2,513,000 after acquiring an additional 1,758 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd increased its stake in Freeport-McMoRan by 29.2% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,000,000 shares of the natural resource company’s stock worth $49,920,000 after acquiring an additional 226,160 shares during the last quarter. Finally, Icon Wealth Advisors LLC raised its position in Freeport-McMoRan by 69.6% during the third quarter. Icon Wealth Advisors LLC now owns 9,029 shares of the natural resource company’s stock valued at $451,000 after purchasing an additional 3,704 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley reduced 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 report on Thursday, September 19th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $43.48 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve 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 fifty day simple moving average of $46.90 and a two-hundred day simple moving average of $47.05. The stock has a market capitalization of $62.48 billion, a price-to-earnings ratio of 31.67, a P/E/G ratio of 1.89 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. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm 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 company posted $0.39 earnings per share. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 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. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.