Baldwin Investment Management LLC Buys 7,624 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Baldwin Investment Management LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 29.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,081 shares of the natural resource company’s stock after purchasing an additional 7,624 shares during the quarter. Baldwin Investment Management LLC’s holdings in Freeport-McMoRan were worth $1,651,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. grew its stake in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the third quarter valued at about $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $26,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FCX. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Finally, Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Six research 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 company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Down 2.0 %

FCX stock opened at $43.48 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $46.90 and its 200-day moving average is $47.05. The firm has a market cap of $62.48 billion, a P/E ratio of 31.74, a P/E/G ratio of 1.92 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm 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 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.