Foundations Investment Advisors LLC Boosts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Foundations Investment Advisors LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 167,507 shares of the natural resource company’s stock after purchasing an additional 30,229 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $8,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. GFG Capital LLC grew its stake in shares of Freeport-McMoRan by 8.2% during the 3rd quarter. GFG Capital LLC now owns 25,429 shares of the natural resource company’s stock worth $1,269,000 after purchasing an additional 1,919 shares during the period. Venture Visionary Partners LLC grew its stake in shares of Freeport-McMoRan by 4.3% during the 3rd quarter. Venture Visionary Partners LLC now owns 12,542 shares of the natural resource company’s stock worth $626,000 after purchasing an additional 519 shares during the period. Godsey & Gibb Inc. grew its stake in shares of Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. Carrhae Capital LLP acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $23,127,000. Finally, OLD National Bancorp IN grew its stake in shares of Freeport-McMoRan by 44.3% during the 3rd quarter. OLD National Bancorp IN now owns 9,026 shares of the natural resource company’s stock worth $451,000 after purchasing an additional 2,770 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.4 %

Shares of FCX stock opened at $47.98 on Tuesday. The stock’s fifty day moving average is $45.48 and its two-hundred day moving average is $47.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a market capitalization of $68.92 billion, a P/E ratio of 42.46, a PEG ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently commented on FCX. 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 research note on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six investment 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. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $53.92.

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.