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

Good Life Advisors LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 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 have also added to or reduced their stakes in FCX. Los Angeles Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 308.9% in the first quarter. Los Angeles Capital Management LLC now owns 31,124 shares of the natural resource company’s stock valued at $1,463,000 after purchasing an additional 23,512 shares in the last quarter. Banque Cantonale Vaudoise boosted its holdings in Freeport-McMoRan by 74.0% during the first quarter. Banque Cantonale Vaudoise now owns 1,740 shares of the natural resource company’s stock worth $82,000 after purchasing an additional 740 shares during the last quarter. Park Avenue Securities LLC increased its stake in Freeport-McMoRan by 7.1% in the 1st quarter. Park Avenue Securities LLC now owns 36,242 shares of the natural resource company’s stock valued at $1,704,000 after buying an additional 2,408 shares during the last quarter. &PARTNERS bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $220,000. Finally, Salem Investment Counselors Inc. boosted its stake in shares of Freeport-McMoRan by 35.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 3,118 shares of the natural resource company’s stock worth $147,000 after buying an additional 816 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Scotiabank boosted their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.92.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $48.18 on Monday. The stock’s 50-day simple moving average is $45.48 and its 200 day simple moving average is $47.88. The stock has a market capitalization of $69.21 billion, a price-to-earnings ratio of 42.64, a price-to-earnings-growth 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 Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the firm posted $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. Research analysts forecast that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal 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 issued a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. Freeport-McMoRan’s payout ratio is currently 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.