Procyon Advisors LLC Buys 2,120 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

by · The Cerbat Gem

Procyon Advisors LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,490 shares of the natural resource company’s stock after buying an additional 2,120 shares during the period. Procyon Advisors LLC’s holdings in Freeport-McMoRan were worth $1,573,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. increased its holdings in shares of 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 last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 2.3 %

NYSE:FCX opened at $48.87 on Tuesday. The company has a 50-day moving average price of $44.91 and a 200-day moving average price of $47.88. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. 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 stock has a market cap of $70.20 billion, a price-to-earnings ratio of 43.25, a P/E/G ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 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 business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. Equities analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm 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 dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Morgan Stanley dropped their price target 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. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Six 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.00.

View Our Latest Report on FCX

Freeport-McMoRan Profile

(Free Report)

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.

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