Sanctuary Advisors LLC Acquires 14,501 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sanctuary Advisors LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 164,640 shares of the natural resource company's stock after purchasing an additional 14,501 shares during the quarter. Sanctuary Advisors LLC's holdings in Freeport-McMoRan were worth $8,219,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co increased its position in Freeport-McMoRan by 5.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company's stock valued at $514,000 after buying an additional 490 shares in the last quarter. Westside Investment Management Inc. increased its holdings in shares of Freeport-McMoRan by 33.0% during the third quarter. Westside Investment Management Inc. now owns 7,867 shares of the natural resource company's stock valued at $373,000 after acquiring an additional 1,950 shares in the last quarter. Old West Investment Management LLC raised its position in shares of Freeport-McMoRan by 22.9% during the third quarter. Old West Investment Management LLC now owns 61,980 shares of the natural resource company's stock worth $3,094,000 after purchasing an additional 11,564 shares during the period. Arete Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 5.9% in the 3rd quarter. Arete Wealth Advisors LLC now owns 12,042 shares of the natural resource company's stock worth $598,000 after purchasing an additional 674 shares in the last quarter. Finally, Toronto Dominion Bank grew its position in Freeport-McMoRan by 110.9% in the 3rd quarter. Toronto Dominion Bank now owns 1,527,116 shares of the natural resource company's stock valued at $76,234,000 after purchasing an additional 803,114 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on FCX shares. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research report on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley cut their price objective 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 investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $53.92.

Freeport-McMoRan Stock Performance

FCX traded down $0.49 during midday trading on Friday, reaching $41.59. The company had a trading volume of 9,669,335 shares, compared to its average volume of 12,795,497. The business has a 50-day moving average price of $45.51 and a two-hundred day moving average price of $46.15. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The stock has a market cap of $59.76 billion, a PE ratio of 30.36, a P/E/G ratio of 3.00 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The business's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.72%. Freeport-McMoRan's payout ratio is 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.