5,645 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, Holdings Channel reports. The firm bought 5,645 shares of the natural resource company’s stock, valued at approximately $282,000.

A number of other institutional investors also recently bought and sold shares of the stock. Nicolet Advisory Services LLC boosted its stake in Freeport-McMoRan by 2.7% in the 3rd quarter. Nicolet Advisory Services LLC now owns 13,062 shares of the natural resource company’s stock worth $650,000 after purchasing an additional 349 shares in the last quarter. GenTrust LLC lifted its stake in Freeport-McMoRan by 3.6% during the 3rd quarter. GenTrust LLC now owns 50,343 shares of the natural resource company’s stock valued at $2,513,000 after acquiring an additional 1,758 shares during the period. Clal Insurance Enterprises Holdings Ltd lifted its stake in Freeport-McMoRan by 29.2% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,000,000 shares of the natural resource company’s stock valued at $49,920,000 after acquiring an additional 226,160 shares during the period. Icon Wealth Advisors LLC lifted its stake in Freeport-McMoRan by 69.6% during the 3rd quarter. Icon Wealth Advisors LLC now owns 9,029 shares of the natural resource company’s stock valued at $451,000 after acquiring an additional 3,704 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Freeport-McMoRan by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after acquiring an additional 127,251 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.75 on Thursday. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The firm has a market capitalization of $62.87 billion, a price-to-earnings ratio of 32.06, a PEG ratio of 1.92 and a beta of 1.91. The company has a fifty day simple moving average of $46.91 and a 200-day simple moving average of $46.99. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. 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 note on Tuesday, October 15th. Finally, Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Six equities 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. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.