Good Life Advisors LLC Takes $254,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Good Life Advisors LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 5,086 shares of the natural resource company’s stock, valued at approximately $254,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Hazlett Burt & Watson Inc. boosted its holdings 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. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $25,000. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth about $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan in the 2nd quarter valued at about $26,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Raymond James boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Morgan Stanley reduced their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.92.

Freeport-McMoRan Trading Up 0.5 %

NYSE:FCX opened at $48.18 on Monday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The firm’s fifty day moving average is $45.48 and its 200-day moving average is $47.88. The firm has a market cap of $69.21 billion, a P/E ratio of 42.64, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

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

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.