GoalVest Advisory LLC Has $1.27 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

GoalVest Advisory LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.2% in the third quarter, HoldingsChannel.com reports. The firm owned 25,371 shares of the natural resource company’s stock after selling 3,200 shares during the quarter. GoalVest Advisory LLC’s holdings in Freeport-McMoRan were worth $1,267,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on FCX shares. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank dropped their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Down 1.3 %

Shares of NYSE:FCX opened at $42.70 on Friday. The business’s 50 day moving average is $46.63 and its 200 day moving average is $47.35. Freeport-McMoRan Inc. has a 12-month low of $35.29 and a 12-month high of $55.24. The stock has a market cap of $61.35 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 1.84 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for 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 business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company 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 was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

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.