Doliver Advisors LP Has $446,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Doliver Advisors LP boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 8,935 shares of the natural resource company’s stock after purchasing an additional 2,000 shares during the quarter. Doliver Advisors LP’s holdings in Freeport-McMoRan were worth $446,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FCX. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Capital International Investors acquired a new position in Freeport-McMoRan in the first quarter worth approximately $417,752,000. Capital World Investors increased its holdings in Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd acquired a new position in Freeport-McMoRan in the first quarter worth approximately $197,966,000. Finally, Swedbank AB acquired a new position in Freeport-McMoRan in the first quarter worth approximately $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on FCX. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Finally, Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Up 0.9 %

Shares of FCX stock opened at $50.82 on Thursday. The stock has a market cap of $73.00 billion, a P/E ratio of 44.97, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The stock has a fifty day moving average price of $43.83 and a 200 day moving average price of $47.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.59%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.