Foundation Resource Management Inc. Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Foundation Resource Management Inc. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 229,409 shares of the natural resource company’s stock after purchasing an additional 424 shares during the quarter. Freeport-McMoRan makes up about 1.5% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 25th largest position. Foundation Resource Management Inc.’s holdings in Freeport-McMoRan were worth $8,736,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the third quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $27,000. Laurel Wealth Advisors LLC raised its position in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the period. Godsey & Gibb Inc. lifted its stake in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the last quarter. Finally, Continuum Advisory LLC boosted its position in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FCX shares. Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank lowered their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. Jefferies Financial Group cut their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.96.

Freeport-McMoRan Price Performance

FCX stock opened at $39.47 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The firm has a 50-day moving average of $41.83 and a 200 day moving average of $44.53. The company has a market cap of $56.72 billion, a P/E ratio of 28.81, a PEG ratio of 2.90 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm 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 company earned $0.39 EPS. The business’s revenue was up 16.6% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.49 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.52%. The ex-dividend date is Wednesday, January 15th. 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.