Souders Financial Advisors Has $817,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Souders Financial Advisors increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 31.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,819 shares of the natural resource company’s stock after acquiring an additional 3,997 shares during the quarter. Souders Financial Advisors’ holdings in Freeport-McMoRan were worth $817,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. increased its holdings in shares of Freeport-McMoRan by 1,170.7% during 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 in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $25,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $49.92 on Tuesday. 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 $71.71 billion, a PE ratio of 44.18, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The business’s 50-day moving average price is $43.72 and its 200-day moving average price is $47.57. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FCX. Scotiabank downgraded Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price target for the company. in a report on Monday. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Raymond James upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

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.