Armstrong Advisory Group Inc. Has $135,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Armstrong Advisory Group Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.6% during the fourth quarter, HoldingsChannel reports. The fund owned 3,550 shares of the natural resource company’s stock after selling 420 shares during the quarter. Armstrong Advisory Group Inc.’s holdings in Freeport-McMoRan were worth $135,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $99,000. Envestnet Asset Management Inc. raised its stake in shares of Freeport-McMoRan by 5.9% during the second quarter. Envestnet Asset Management Inc. now owns 1,319,066 shares of the natural resource company’s stock valued at $64,107,000 after acquiring an additional 73,340 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $40,158,000. Edgestream Partners L.P. grew its stake in shares of Freeport-McMoRan by 67.9% in the second quarter. Edgestream Partners L.P. now owns 52,580 shares of the natural resource company’s stock worth $2,555,000 after purchasing an additional 21,270 shares during the last quarter. Finally, Axxcess Wealth Management LLC increased its holdings in Freeport-McMoRan by 68.2% in the second quarter. Axxcess Wealth Management LLC now owns 31,960 shares of the natural resource company’s stock valued at $1,553,000 after purchasing an additional 12,958 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.03 on Friday. The stock has a 50-day moving average of $41.37 and a 200-day moving average of $44.40. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a market cap of $57.52 billion, a PE ratio of 29.22, a P/E/G ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FCX. Scotiabank reduced their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley reduced their price objective on shares of 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, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $52.42.

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.