Brooklyn Investment Group Purchases Shares of 5,645 Freeport-McMoRan Inc. (NYSE:FCX)

Brooklyn Investment Group acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, Holdings Channel reports. The institutional investor acquired 5,645 shares of the natural resource company’s stock, valued at approximately $282,000.

Several other large investors have also made changes to their positions in the business. Hazlett Burt & Watson Inc. increased its position 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 worth $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the second quarter worth $25,000. Matrix Trust Co acquired a new position in Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the 2nd quarter worth $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

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

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the business posted $0.39 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research analyst reports. Scotiabank cut 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 research report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.