Nicolet Advisory Services LLC Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

Nicolet Advisory Services LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.7% during the third quarter, Holdings Channel reports. The fund owned 13,062 shares of the natural resource company’s stock after acquiring an additional 349 shares during the period. Nicolet Advisory Services LLC’s holdings in Freeport-McMoRan were worth $650,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Kestra Advisory Services LLC boosted its stake in shares of Freeport-McMoRan by 7.5% in the 1st quarter. Kestra Advisory Services LLC now owns 300,719 shares of the natural resource company’s stock valued at $14,140,000 after buying an additional 20,856 shares during the period. Mount Yale Investment Advisors LLC purchased a new position in Freeport-McMoRan in the first quarter worth approximately $277,000. Caxton Associates LP acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $3,526,000. Zurich Insurance Group Ltd FI increased its position in shares of Freeport-McMoRan by 31.7% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 1,509,554 shares of the natural resource company’s stock valued at $70,979,000 after purchasing an additional 363,238 shares during the last quarter. Finally, Iron Gate Global Advisors LLC raised its holdings in shares of Freeport-McMoRan by 23.8% in the 1st quarter. Iron Gate Global Advisors LLC now owns 7,281 shares of the natural resource company’s stock valued at $346,000 after purchasing an additional 1,400 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 0.1 %

Shares of Freeport-McMoRan stock opened at $43.72 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $62.82 billion, a P/E ratio of 31.91, a PEG ratio of 1.89 and a beta of 1.91. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The company’s fifty day moving average is $46.87 and its two-hundred day moving average is $47.12.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the company posted $0.39 earnings per share. Analysts forecast 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 $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analyst Ratings Changes

Several research firms recently commented on FCX. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank decreased 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their price objective 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. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus 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.