Avior Wealth Management LLC Purchases 1,034 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Avior Wealth Management LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,890 shares of the natural resource company’s stock after acquiring an additional 1,034 shares during the period. Avior Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,339,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kingsview Wealth Management LLC boosted its stake in Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after purchasing an additional 214 shares during the period. Orion Portfolio Solutions LLC increased its position in Freeport-McMoRan by 8.8% during the first quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company’s stock worth $1,365,000 after acquiring an additional 2,342 shares during the period. Edgestream Partners L.P. bought a new stake in Freeport-McMoRan in the 1st quarter valued at $1,472,000. Covestor Ltd boosted its holdings in Freeport-McMoRan by 79.3% in the 1st quarter. Covestor Ltd now owns 1,137 shares of the natural resource company’s stock valued at $53,000 after purchasing an additional 503 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its position in Freeport-McMoRan by 13.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 121,898 shares of the natural resource company’s stock worth $5,732,000 after purchasing an additional 14,727 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FCX shares. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Scotiabank lowered their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Up 1.3 %

Shares of Freeport-McMoRan stock opened at $44.10 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The stock has a market capitalization of $63.37 billion, a P/E ratio of 32.19, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91. The company has a 50-day simple moving average of $46.77 and a 200 day simple moving average of $47.25. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

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

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Freeport-McMoRan 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.