Capital Investment Advisors LLC Has $4.47 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Capital Investment Advisors LLC lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,539 shares of the natural resource company’s stock after selling 2,572 shares during the period. Capital Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $4,470,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after buying an additional 2,392,800 shares in the last quarter. Capital World Investors lifted its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Freeport-McMoRan by 1.4% in the first quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at $679,664,000 after buying an additional 200,877 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $48.18 on Friday. The firm has a market cap of $69.21 billion, a P/E ratio of 42.64, a P/E/G ratio of 2.03 and a beta of 1.90. The stock’s 50 day moving average is $45.48 and its 200 day moving average is $47.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the firm posted $0.35 EPS. The company’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank raised their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $53.29.

Freeport-McMoRan 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.