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

Savvy Advisors Inc. increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 11.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,061 shares of the natural resource company’s stock after purchasing an additional 737 shares during the period. Savvy Advisors Inc.’s holdings in Freeport-McMoRan were worth $352,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in shares of Freeport-McMoRan by 55.7% in the first quarter. Empowered Funds LLC now owns 30,229 shares of the natural resource company’s stock worth $1,421,000 after purchasing an additional 10,820 shares during the last quarter. Sei Investments Co. boosted its position in shares of Freeport-McMoRan by 4.0% during the 1st quarter. Sei Investments Co. now owns 566,772 shares of the natural resource company’s stock valued at $26,650,000 after acquiring an additional 21,889 shares during the last quarter. Headlands Technologies LLC grew its holdings in shares of Freeport-McMoRan by 30.5% in the first quarter. Headlands Technologies LLC now owns 4,344 shares of the natural resource company’s stock valued at $204,000 after purchasing an additional 1,016 shares in the last quarter. Avantax Advisory Services Inc. increased its position in Freeport-McMoRan by 22.7% in the first quarter. Avantax Advisory Services Inc. now owns 54,730 shares of the natural resource company’s stock worth $2,573,000 after purchasing an additional 10,135 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Freeport-McMoRan by 479.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company’s stock valued at $13,293,000 after purchasing an additional 233,955 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $43.60 on Wednesday. The company’s 50 day moving average is $46.51 and its 200 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. The firm has a market cap of $62.65 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 1.94 and a beta of 1.91. Freeport-McMoRan Inc. has a 52-week low of $33.38 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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 net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the company posted $0.39 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Raymond James boosted their target price 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. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank cut their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target 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.