Freeport-McMoRan Inc. (NYSE:FCX) Position Increased by Mirador Capital Partners LP

Mirador Capital Partners LP increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,382 shares of the natural resource company’s stock after buying an additional 807 shares during the quarter. Mirador Capital Partners LP’s holdings in Freeport-McMoRan were worth $3,414,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FCX. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares during the last quarter. Capital Research Global Investors grew its position in Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after buying an additional 2,392,800 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in shares of Freeport-McMoRan by 3.7% during the fourth quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth $708,677,000 after buying an additional 595,395 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded up $0.78 during mid-day trading on Friday, reaching $50.55. The company had a trading volume of 11,510,330 shares, compared to its average volume of 13,326,417. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock has a market cap of $72.61 billion, a PE ratio of 44.73, a P/E/G ratio of 2.89 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. The company has a 50-day moving average price of $44.18 and a two-hundred day moving average price of $47.69.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the company earned $0.35 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities 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 disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Ratings Changes

Several analysts recently commented on the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. 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. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Finally, Scotiabank cut shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a report on Monday, September 30th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $52.93.

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.