Addison Capital Co Invests $203,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Addison Capital Co acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,062 shares of the natural resource company’s stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the second quarter worth about $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the third quarter worth about $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan in the second quarter worth about $26,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCX. Raymond James lifted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday. Scotiabank raised their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.29.

Freeport-McMoRan Trading Up 2.3 %

FCX stock opened at $49.07 on Friday. The company has a market capitalization of $70.49 billion, a PE ratio of 42.44, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company’s 50 day moving average price is $45.34 and its two-hundred day moving average price is $47.88. 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 posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share 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 paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend is Tuesday, October 15th. 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.