Nations Financial Group Inc. IA ADV Has $2.08 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Nations Financial Group Inc. IA ADV increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,651 shares of the natural resource company’s stock after purchasing an additional 2,226 shares during the quarter. Nations Financial Group Inc. IA ADV’s holdings in Freeport-McMoRan were worth $2,079,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jupiter Wealth Management LLC boosted its holdings in Freeport-McMoRan by 7.6% in the third quarter. Jupiter Wealth Management LLC now owns 59,274 shares of the natural resource company’s stock valued at $2,959,000 after acquiring an additional 4,193 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 11.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 17,761 shares of the natural resource company’s stock worth $887,000 after purchasing an additional 1,894 shares during the period. Jaffetilchin Investment Partners LLC boosted its stake in shares of Freeport-McMoRan by 6.7% in the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 11,183 shares of the natural resource company’s stock valued at $558,000 after purchasing an additional 705 shares during the last quarter. TRU Independence Asset Management 2 LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $250,000. Finally, Patten & Patten Inc. TN raised its stake in Freeport-McMoRan by 1.0% during the third quarter. Patten & Patten Inc. TN now owns 110,060 shares of the natural resource company’s stock worth $5,494,000 after buying an additional 1,060 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on FCX. Scotiabank decreased their target price on 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 objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com downgraded 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $44.90 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm’s 50-day simple moving average is $46.46 and its 200 day simple moving average is $47.54. The stock has a market cap of $64.52 billion, a price-to-earnings ratio of 32.77, a PEG ratio of 1.98 and a beta of 1.91. Freeport-McMoRan Inc. has a fifty-two week low of $33.38 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the firm earned $0.39 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.67%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.