Hazlett Burt & Watson Inc. Purchases 825 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hazlett Burt & Watson Inc. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 158.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,346 shares of the natural resource company’s stock after acquiring an additional 825 shares during the period. Hazlett Burt & Watson Inc.’s holdings in Freeport-McMoRan were worth $67,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FCX. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co purchased a new position in Freeport-McMoRan in the 3rd quarter worth approximately $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory bought a new stake in Freeport-McMoRan in the second quarter valued at approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $27,000. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley dropped their price target 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. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Up 1.5 %

FCX stock opened at $46.27 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a market capitalization of $66.48 billion, a PE ratio of 33.77, a P/E/G ratio of 1.95 and a beta of 1.91. The firm’s 50-day moving average is $46.20 and its 200 day moving average is $47.64. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the business posted $0.39 EPS. The business’s revenue was up 16.6% compared to the same quarter last year. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.65%. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.