Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Gilman Hill Asset Management LLC

Gilman Hill Asset Management LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 138,699 shares of the natural resource company’s stock after purchasing an additional 5,473 shares during the quarter. Freeport-McMoRan comprises about 1.2% of Gilman Hill Asset Management LLC’s portfolio, making the stock its 27th biggest holding. Gilman Hill Asset Management LLC’s holdings in Freeport-McMoRan were worth $6,924,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the third quarter worth about $25,000. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the second quarter worth about $25,000. Hazlett Burt & Watson Inc. lifted its holdings in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at about $26,000. Finally, LRI Investments LLC acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock traded up $0.49 during midday trading on Friday, hitting $50.03. 6,415,228 shares of the company traded hands, compared to its average volume of 13,202,854. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $71.89 billion, a price-to-earnings ratio of 37.90, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The business has a 50 day simple moving average of $44.75 and a 200-day simple moving average of $47.85.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the business earned $0.35 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of analyst reports. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. 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. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley dropped 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. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.