Foundations Investment Advisors LLC Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Foundations Investment Advisors LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 167,507 shares of the natural resource company’s stock after acquiring an additional 30,229 shares during the period. Foundations Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $8,362,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Matrix Trust Co bought a new position in Freeport-McMoRan during the third quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth about $25,000. Hazlett Burt & Watson Inc. grew its holdings in shares of 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 worth $25,000 after purchasing an additional 480 shares during the last quarter. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter worth about $26,000. Finally, LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on FCX shares. JPMorgan Chase & Co. upped 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. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank increased their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. 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’s stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $53.92.

Freeport-McMoRan Stock Performance

FCX stock opened at $47.98 on Tuesday. The firm has a market cap of $68.92 billion, a price-to-earnings ratio of 42.46, a PEG ratio of 2.03 and a beta of 1.90. The firm has a 50-day simple moving average of $45.48 and a two-hundred day simple moving average of $47.87. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. 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 (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 earnings per share. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 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.