Koshinski Asset Management Inc. Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Koshinski Asset Management Inc. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 20,777 shares of the natural resource company’s stock after buying an additional 214 shares during the quarter. Koshinski Asset Management Inc.’s holdings in Freeport-McMoRan were worth $1,037,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the 2nd quarter worth about $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan in the 3rd quarter worth about $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan in the 1st quarter worth about $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the 2nd quarter worth about $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 1.0 %

Shares of FCX stock opened at $50.03 on Monday. The stock has a market capitalization of $71.89 billion, a PE ratio of 37.90, a P/E/G ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The business has a 50-day moving average of $44.75 and a 200 day moving average of $47.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share 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 business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the business posted $0.35 EPS. The business’s revenue was up 15.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price 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 research note on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank increased their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.