Global Trust Asset Management LLC Buys 1,301 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Global Trust Asset Management LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 59.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,502 shares of the natural resource company’s stock after acquiring an additional 1,301 shares during the period. Global Trust Asset Management LLC’s holdings in Freeport-McMoRan were worth $175,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Brookstone Capital Management boosted its stake in shares of Freeport-McMoRan by 12.0% during the first quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock valued at $386,000 after purchasing an additional 883 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in Freeport-McMoRan by 57.8% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock worth $457,000 after buying an additional 3,557 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Freeport-McMoRan by 3.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock worth $7,412,000 after acquiring an additional 4,547 shares during the last quarter. New England Research & Management Inc. acquired a new position in Freeport-McMoRan in the 1st quarter valued at approximately $263,000. Finally, Guidance Capital Inc. raised its stake in shares of Freeport-McMoRan by 6.7% during the first quarter. Guidance Capital Inc. now owns 14,450 shares of the natural resource company’s stock valued at $723,000 after acquiring an additional 906 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FCX shares. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company 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 stock a “neutral” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six investment 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. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Down 0.5 %

FCX opened at $46.60 on Friday. The company has a fifty day moving average price of $45.99 and a two-hundred day moving average price of $47.83. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a market cap of $66.94 billion, a P/E ratio of 41.24, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued 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. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.