Nisa Investment Advisors LLC Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Nisa Investment Advisors LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 341,039 shares of the natural resource company’s stock after acquiring an additional 2,925 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $17,025,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Deane Retirement Strategies Inc. grew its stake in Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after acquiring an additional 207 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in Freeport-McMoRan by 4.3% in the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after acquiring an additional 214 shares in the last quarter. Finally, Koshinski Asset Management Inc. grew its holdings in Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 0.3 %

Freeport-McMoRan stock opened at $46.57 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 2.33. The business’s 50-day simple moving average is $46.10 and its two-hundred day simple moving average is $47.73. The company has a market cap of $66.91 billion, a PE ratio of 33.99, a PEG ratio of 1.99 and a beta of 1.90. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping 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 firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The company’s revenue was up 16.6% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.59 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Scotiabank decreased their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley reduced their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upped 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. Six 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.