90,700 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by Financial Enhancement Group LLC

Financial Enhancement Group LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 90,700 shares of the natural resource company's stock, valued at approximately $4,528,000.

A number of other institutional investors have also recently added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. lifted its stake 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 acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the third quarter worth $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter worth $26,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FCX shares. Raymond James boosted their target price 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 reaffirmed a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have assigned 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.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $1.71 on Thursday, hitting $48.58. The stock had a trading volume of 12,345,353 shares, compared to its average volume of 12,902,751. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. 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 moving average price is $46.31 and its 200-day moving average price is $47.59. The company has a market capitalization of $69.80 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.62%. Freeport-McMoRan's dividend payout ratio (DPR) is 21.90%.

Freeport-McMoRan Company 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.