Financial Enhancement Group LLC Purchases New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Financial Enhancement Group LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 90,700 shares of the natural resource company’s stock, valued at approximately $4,528,000.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on FCX. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, Scotiabank dropped their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 0.3 %

NYSE FCX opened at $46.87 on Thursday. The stock has a market cap of $67.35 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 1.98 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm’s 50 day moving average price is $46.31 and its two-hundred day moving average price is $47.59.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the company posted $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio is 21.90%.

About Freeport-McMoRan

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.