Meeder Advisory Services Inc. Purchases 298 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Meeder Advisory Services Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,339 shares of the natural resource company’s stock after acquiring an additional 298 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Freeport-McMoRan were worth $1,614,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC raised its holdings in shares of Freeport-McMoRan by 8.1% during the 3rd quarter. Strengthening Families & Communities LLC now owns 44,304 shares of the natural resource company’s stock worth $2,212,000 after buying an additional 3,320 shares in the last quarter. AMG National Trust Bank raised its stake in Freeport-McMoRan by 10.2% during the third quarter. AMG National Trust Bank now owns 6,018 shares of the natural resource company’s stock worth $300,000 after acquiring an additional 558 shares in the last quarter. Glass Wealth Management Co LLC lifted its holdings in shares of Freeport-McMoRan by 2.0% in the third quarter. Glass Wealth Management Co LLC now owns 124,764 shares of the natural resource company’s stock worth $6,228,000 after acquiring an additional 2,445 shares during the last quarter. Atlanta Consulting Group Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $241,000. Finally, Schear Investment Advisers LLC grew its holdings in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Schear Investment Advisers LLC now owns 6,817 shares of the natural resource company’s stock valued at $340,000 after purchasing an additional 604 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FCX. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Morgan Stanley reduced their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Finally, Scotiabank dropped their price objective 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. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Price Performance

FCX stock opened at $43.55 on Tuesday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company’s fifty day simple moving average is $46.69 and its 200 day simple moving average is $47.29. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The firm has a market cap of $62.58 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 1.84 and a beta of 1.91.

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

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders 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%.

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.