Garden State Investment Advisory Services LLC Has $415,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Garden State Investment Advisory Services LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,311 shares of the natural resource company’s stock after selling 329 shares during the period. Garden State Investment Advisory Services LLC’s holdings in Freeport-McMoRan were worth $415,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the third quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. boosted its position in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake 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 Trading Down 1.3 %

NYSE:FCX opened at $43.64 on Tuesday. 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 stock has a market capitalization of $62.71 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 17.44 and a beta of 1.86. The firm has a fifty day simple moving average of $46.87 and a two-hundred day simple moving average of $46.80. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period last year, the company posted $0.39 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Analyst Ratings Changes

Several equities 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 note on Thursday, September 26th. Scotiabank dropped their price target on shares of 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. Raymond James raised their price target 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. 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, October 15th. Finally, Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.00.

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.