Assetmark Inc. Has $3.41 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Assetmark Inc. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 107.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,394 shares of the natural resource company’s stock after buying an additional 35,368 shares during the quarter. Assetmark Inc.’s holdings in Freeport-McMoRan were worth $3,414,000 at the end of the most recent quarter.

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

Freeport-McMoRan Stock Down 2.9 %

Shares of NYSE FCX opened at $43.60 on Wednesday. The business has a fifty day moving average of $46.51 and a two-hundred day moving average of $47.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52-week low of $33.38 and a 52-week high of $55.24. The stock has a market cap of $62.65 billion, a PE ratio of 31.83, a PEG ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, 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. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.