Icon Wealth Advisors LLC Raises Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Icon Wealth Advisors LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 69.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,029 shares of the natural resource company’s stock after acquiring an additional 3,704 shares during the period. Icon Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $451,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in Freeport-McMoRan by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock worth $536,038,000 after purchasing an additional 530,676 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Freeport-McMoRan by 0.5% in the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock worth $502,675,000 after buying an additional 56,499 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Freeport-McMoRan by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after acquiring an additional 127,251 shares during the last quarter. Capital Wealth Planning LLC grew its stake in Freeport-McMoRan by 34.9% during the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after acquiring an additional 1,538,560 shares in the last quarter. Finally, Boston Partners increased its holdings in Freeport-McMoRan by 4.3% in the 1st quarter. Boston Partners now owns 5,579,145 shares of the natural resource company’s stock valued at $262,377,000 after acquiring an additional 227,515 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FCX shares. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley decreased 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. JPMorgan Chase & Co. boosted their price target 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. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

FCX stock opened at $43.72 on Friday. The stock has a market cap of $62.82 billion, a PE ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The company has a 50-day moving average price of $46.87 and a 200 day moving average price of $47.12. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating 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 analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. Equities research 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 declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 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.