GoalVest Advisory LLC Sells 3,200 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

GoalVest Advisory LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 11.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,371 shares of the natural resource company’s stock after selling 3,200 shares during the quarter. GoalVest Advisory LLC’s holdings in Freeport-McMoRan were worth $1,267,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Matrix Trust Co bought a new stake in Freeport-McMoRan in the 3rd quarter valued at about $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. boosted its stake 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 valued at $25,000 after buying an additional 480 shares during the period. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan during the second quarter worth approximately $26,000. Finally, LRI Investments LLC bought a new position in Freeport-McMoRan during the 1st quarter worth $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of FCX opened at $42.70 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $61.35 billion, a PE ratio of 31.17, a PEG ratio of 1.84 and a beta of 1.91. Freeport-McMoRan Inc. has a 12-month low of $35.29 and a 12-month high of $55.24. The business has a 50-day simple moving average of $46.63 and a two-hundred day simple moving average of $47.35.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FCX. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank cut 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 report on Wednesday, October 23rd. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

About Freeport-McMoRan

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.