FSA Wealth Management LLC Invests $46,000 in Freeport-McMoRan Inc. (NYSE:FCX)

FSA Wealth Management LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 917 shares of the natural resource company’s stock, valued at approximately $46,000.

Other hedge funds have also added to or reduced their stakes in the company. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan in the third quarter worth about $25,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. increased its stake in Freeport-McMoRan by 1,170.7% during 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 in the last quarter. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Freeport-McMoRan in the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $44.20 on Monday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $46.87 and a 200 day simple moving average of $46.85. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The stock has a market capitalization of $63.51 billion, a PE ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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 company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS 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 paid 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 0.68%. Freeport-McMoRan’s dividend payout ratio is 21.90%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FCX shares. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Morgan Stanley dropped their target price 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 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

About Freeport-McMoRan

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.