Addison Capital Co Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Addison Capital Co purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 4,062 shares of the natural resource company’s stock, valued at approximately $203,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Matrix Trust Co bought a new position in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the period. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $26,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank raised their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 8th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.29.

Freeport-McMoRan Price Performance

FCX opened at $49.07 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company has a market capitalization of $70.49 billion, a price-to-earnings ratio of 42.44, a P/E/G ratio of 2.03 and a beta of 1.90. The firm’s fifty day moving average price is $45.34 and its two-hundred day moving average price is $47.88. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

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.