Oliver Luxxe Assets LLC Purchases 764 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Oliver Luxxe Assets LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 139,938 shares of the natural resource company’s stock after buying an additional 764 shares during the period. Freeport-McMoRan accounts for 1.3% of Oliver Luxxe Assets LLC’s holdings, making the stock its 13th biggest holding. Oliver Luxxe Assets LLC’s holdings in Freeport-McMoRan were worth $6,986,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Hazlett Burt & Watson Inc. increased its stake in 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 stake in Freeport-McMoRan in the second quarter valued at $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan in the third quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan in the second quarter valued at $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.0 %

FCX opened at $50.03 on Monday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market cap of $71.87 billion, a price-to-earnings ratio of 44.27, a PEG ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company’s 50-day moving average price is $44.75 and its two-hundred day moving average price is $47.87.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for 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 quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.