Opal Wealth Advisors LLC Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Opal Wealth Advisors LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,216 shares of the natural resource company’s stock after acquiring an additional 365 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $260,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Capital Research Global Investors increased its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares during the period. Capital World Investors grew its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares during the period. Finally, Clearbridge Investments LLC increased its stake in shares of Freeport-McMoRan by 1.4% in the 1st quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at $679,664,000 after purchasing an additional 200,877 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on FCX. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley dropped their price target 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. Scotiabank increased their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday, October 8th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. raised 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. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.29.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $47.30 on Wednesday. The stock has a 50 day moving average price of $45.03 and a 200 day moving average price of $47.88. The stock has a market cap of $67.95 billion, a PE ratio of 41.86, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

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.