Cetera Investment Advisers Buys 29,394 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cetera Investment Advisers increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 320,419 shares of the natural resource company’s stock after buying an additional 29,394 shares during the period. Cetera Investment Advisers’ holdings in Freeport-McMoRan were worth $15,572,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Research Global Investors lifted its position in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors bought a new stake in Freeport-McMoRan during the first quarter worth $417,752,000. Capital World Investors boosted its holdings in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $197,966,000. Finally, Swedbank AB bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $162,464,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FCX shares. Raymond James raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group raised 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 note on Wednesday, September 4th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Price Performance

Shares of FCX opened at $50.54 on Friday. The business has a 50-day moving average of $44.06 and a 200-day moving average of $47.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company has a market capitalization of $72.60 billion, a price-to-earnings ratio of 44.39, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the business earned $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.59%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

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.