Souders Financial Advisors Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Souders Financial Advisors grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 440.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,919 shares of the natural resource company’s stock after buying an additional 74,100 shares during the period. Souders Financial Advisors’ holdings in Freeport-McMoRan were worth $4,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. increased its position in 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 purchasing an additional 480 shares during the period. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, LRI Investments LLC acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCX has been the topic of several recent analyst reports. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Down 2.9 %

Shares of Freeport-McMoRan stock opened at $43.60 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $33.38 and a fifty-two week high of $55.24. The firm has a market cap of $62.65 billion, a PE ratio of 31.83, a P/E/G ratio of 1.94 and a beta of 1.91. The business’s fifty day moving average is $46.51 and its two-hundred day moving average is $47.49. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Freeport-McMoRan Company 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.