Summit Trail Advisors LLC Has $562,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Summit Trail Advisors LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,254 shares of the natural resource company’s stock after buying an additional 2,226 shares during the period. Summit Trail Advisors LLC’s holdings in Freeport-McMoRan were worth $562,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Matrix Trust Co acquired a new position in Freeport-McMoRan during the third quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at $25,000. Hazlett Burt & Watson Inc. increased its holdings in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the last quarter. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the second quarter worth $26,000. Finally, LRI Investments LLC bought a new stake in Freeport-McMoRan during the first quarter worth $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 2.0 %

FCX stock opened at $43.48 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The company has a market capitalization of $62.48 billion, a PE ratio of 31.74, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. The company’s 50-day simple moving average is $46.90 and its 200 day simple moving average is $47.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last announced its 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 net margin of 7.81% and a return on equity of 7.40%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 EPS. As a group, sell-side analysts anticipate 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 given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s payout ratio is 21.90%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Six 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.com, the company presently 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.