Foundations Investment Advisors LLC Acquires 30,229 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Foundations Investment Advisors LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 22.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 167,507 shares of the natural resource company's stock after acquiring an additional 30,229 shares during the quarter. Foundations Investment Advisors LLC's holdings in Freeport-McMoRan were worth $8,362,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Deane Retirement Strategies Inc. grew its holdings in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company's stock worth $2,357,000 after purchasing an additional 201 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company's stock worth $3,012,000 after purchasing an additional 203 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company's stock worth $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company's stock worth $247,000 after purchasing an additional 214 shares during the last quarter. Finally, Koshinski Asset Management Inc. grew its holdings in shares of Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company's stock worth $1,037,000 after purchasing an additional 214 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on FCX shares. Raymond James upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Monday, September 23rd. StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley dropped their price target on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $53.92.

Freeport-McMoRan Stock Up 1.2 %

NYSE FCX traded up $0.59 on Tuesday, reaching $48.53. The company had a trading volume of 13,761,995 shares, compared to its average volume of 13,111,789. The stock has a market capitalization of $69.71 billion, a P/E ratio of 43.34, a P/E/G ratio of 2.03 and a beta of 1.90. The company's fifty day moving average is $45.61 and its 200 day moving average is $47.86. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released 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. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan's quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 EPS. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan's payout ratio is currently 26.55%.

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.