Oliver Luxxe Assets LLC Purchases 2,548 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Oliver Luxxe Assets LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,486 shares of the natural resource company’s stock after acquiring an additional 2,548 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Freeport-McMoRan were worth $5,426,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Matrix Trust Co acquired a new position in Freeport-McMoRan during the third quarter worth $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $25,000. Hazlett Burt & Watson Inc. lifted its position in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $27,000. Finally, Godsey & Gibb Inc. increased its holdings in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted 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. Jefferies Financial Group lowered their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday. Morgan Stanley cut their price target 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. Raymond James increased their price objective 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. Finally, Scotiabank cut their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday. Six 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 stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $53.15.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded up $0.97 during trading on Monday, reaching $38.68. 11,471,947 shares of the stock traded hands, compared to its average volume of 9,970,509. 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 stock has a market capitalization of $55.58 billion, a P/E ratio of 28.23, a price-to-earnings-growth ratio of 3.00 and a beta of 1.87. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The company has a 50-day moving average of $42.64 and a 200-day moving average of $44.96.

Freeport-McMoRan (NYSE:FCX) last released 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. 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 for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The company’s revenue was up 16.6% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 1.49 EPS for the current fiscal year.

Freeport-McMoRan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.55%. Freeport-McMoRan’s payout ratio is presently 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.