Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Horizon Kinetics Asset Management LLC

Horizon Kinetics Asset Management LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 40.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 141,802 shares of the natural resource company’s stock after purchasing an additional 40,860 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Freeport-McMoRan were worth $7,079,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. raised its holdings in Freeport-McMoRan by 1,170.7% in the second 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 purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth $26,000. Finally, Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $44.32 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The company has a fifty day moving average price of $46.87 and a two-hundred day moving average price of $47.10. The company has a market cap of $63.68 billion, a PE ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the business posted $0.39 EPS. The company’s quarterly revenue was up 16.6% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FCX. Morgan Stanley reduced their price objective 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. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. 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. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Six equities research 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 stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.