Financial Enhancement Group LLC Invests $4.53 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Financial Enhancement Group LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 90,700 shares of the natural resource company’s stock, valued at approximately $4,528,000.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. Hazlett Burt & Watson Inc. increased its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd 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 bought a new stake in Freeport-McMoRan during the second quarter worth about $25,000. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the third quarter worth approximately $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $26,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank lowered their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Down 0.3 %

Shares of Freeport-McMoRan stock opened at $46.87 on Thursday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a market capitalization of $67.35 billion, a P/E ratio of 34.21, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91. The business has a 50-day moving average of $46.31 and a two-hundred day moving average of $47.59.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.39 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.