Nations Financial Group Inc. IA ADV Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

Nations Financial Group Inc. IA ADV boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,651 shares of the natural resource company’s stock after purchasing an additional 2,226 shares during the period. Nations Financial Group Inc. IA ADV’s holdings in Freeport-McMoRan were worth $2,079,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $25,000. Hazlett Burt & Watson Inc. lifted its position in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter worth $26,000. Finally, LRI Investments LLC purchased a new position in shares of Freeport-McMoRan in the first quarter valued at $26,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley lowered their target price 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. Raymond James boosted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 3.1 %

Shares of FCX opened at $44.90 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market capitalization of $64.52 billion, a price-to-earnings ratio of 32.77, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91. Freeport-McMoRan Inc. has a 1 year low of $33.38 and a 1 year high of $55.24. The business’s 50 day simple moving average is $46.46 and its 200-day simple moving average is $47.54.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the business posted $0.39 earnings per share. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.52 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. Investors of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

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.