Net Worth Advisory Group Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Net Worth Advisory Group bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,259 shares of the natural resource company’s stock, valued at approximately $961,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Deane Retirement Strategies Inc. raised its stake in Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after acquiring an additional 203 shares during the period. Proficio Capital Partners LLC raised its position in Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Finally, Koshinski Asset Management Inc. grew its position in Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FCX shares. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday. Morgan Stanley lowered their target price on 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 restated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.29.

Freeport-McMoRan Price Performance

FCX stock opened at $48.18 on Friday. The stock’s 50 day moving average price is $45.48 and its 200 day moving average price is $47.89. The firm has a market cap of $69.21 billion, a P/E ratio of 42.64, a PEG 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 1 year low of $32.83 and a 1 year high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

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.