Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Cumberland Advisors Inc.

Cumberland Advisors Inc. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,850 shares of the natural resource company’s stock after acquiring an additional 3,790 shares during the period. Freeport-McMoRan comprises 1.8% of Cumberland Advisors Inc.’s holdings, making the stock its 15th largest position. Cumberland Advisors Inc.’s holdings in Freeport-McMoRan were worth $4,585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. ICA Group Wealth Management LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $77,000. CWM LLC grew its holdings in Freeport-McMoRan by 13.8% during the first 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 period. NBC Securities Inc. grew its holdings in Freeport-McMoRan by 7.7% in the first quarter. NBC Securities Inc. now owns 17,109 shares of the natural resource company’s stock valued at $814,000 after purchasing an additional 1,226 shares during the period. Los Angeles Capital Management LLC grew its holdings in 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 period. Finally, GAMMA Investing LLC grew its holdings in Freeport-McMoRan by 29.0% in the first quarter. GAMMA Investing LLC now owns 10,959 shares of the natural resource company’s stock valued at $515,000 after purchasing an additional 2,463 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.0 %

Shares of FCX stock traded up $0.02 on Thursday, hitting $47.99. 3,900,632 shares of the stock traded hands, compared to its average volume of 13,121,846. The firm’s 50-day moving average price is $45.20 and its two-hundred day moving average price is $47.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock has a market capitalization of $68.94 billion, a PE ratio of 42.45, a PEG ratio of 2.03 and a beta of 1.90. 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 quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Raymond James raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Finally, Morgan Stanley lowered their price target on 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 research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.29.

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.