Tamar Securities LLC Has $18.28 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

by · The Markets Daily

Tamar Securities LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 19.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 366,179 shares of the natural resource company’s stock after buying an additional 59,764 shares during the quarter. Freeport-McMoRan accounts for about 2.6% of Tamar Securities LLC’s investment portfolio, making the stock its 17th largest holding. Tamar Securities LLC’s holdings in Freeport-McMoRan were worth $18,280,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Tompkins Financial Corp increased its holdings in shares of Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Deane Retirement Strategies Inc. lifted its position in shares of Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after purchasing an additional 203 shares during the period. Proficio Capital Partners LLC grew its stake in Freeport-McMoRan by 0.5% in the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after purchasing an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on FCX. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $53.29.

Get Our Latest Stock Analysis on Freeport-McMoRan

Freeport-McMoRan Trading Up 1.5 %

Shares of Freeport-McMoRan stock opened at $47.97 on Thursday. 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 $68.91 billion, a PE ratio of 42.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a 50-day moving average of $45.20 and a two-hundred day moving average of $47.88.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue was up 15.5% on a year-over-year basis. During the same period last year, the company posted $0.35 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.63%. Freeport-McMoRan’s payout ratio is currently 26.55%.

About Freeport-McMoRan

(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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