FSA Wealth Management LLC Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

FSA Wealth Management LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 917 shares of the natural resource company’s stock, valued at approximately $46,000.

A number of other institutional investors and hedge funds have also modified their holdings of FCX. Hazlett Burt & Watson Inc. lifted its position in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Freeport-McMoRan in the 2nd quarter worth approximately $27,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 1.0 %

Shares of NYSE FCX opened at $44.20 on Monday. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The firm’s 50-day moving average is $46.87 and its 200-day moving average is $46.85. 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 firm has a market capitalization of $63.51 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 17.44 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for 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 revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research reports. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley decreased 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 report on Thursday, September 19th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.