Harbor Investment Advisory LLC Has $289,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Investment Advisory LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,797 shares of the natural resource company’s stock after purchasing an additional 589 shares during the period. Harbor Investment Advisory LLC’s holdings in Freeport-McMoRan were worth $289,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan in the first quarter worth $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter worth $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan during the second quarter worth $27,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $50.55 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $72.61 billion, a P/E ratio of 44.73, a PEG ratio of 2.89 and a beta of 1.90. The business has a 50-day moving average of $44.18 and a 200-day moving average of $47.71. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter in the previous year, the company earned $0.35 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FCX shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

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.