Meeder Advisory Services Inc. Purchases 298 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Meeder Advisory Services Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,339 shares of the natural resource company’s stock after buying an additional 298 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Freeport-McMoRan were worth $1,614,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its stake in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Capital World Investors raised its holdings in Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Freeport-McMoRan by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock valued at $536,038,000 after purchasing an additional 530,676 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock worth $502,675,000 after purchasing an additional 56,499 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 2.0 %

Shares of Freeport-McMoRan stock opened at $43.55 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 has a 50-day moving average of $46.69 and a 200-day moving average of $47.29. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The stock has a market cap of $62.58 billion, a PE ratio of 31.79, a PEG ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the business posted $0.39 EPS. The business’s revenue was up 16.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued 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 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FCX shares. 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 report on Tuesday, October 15th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six equities research 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.