Foundations Investment Advisors LLC Sells 1,781 Shares of Freeport-McMoRan Inc. $FCX

Foundations Investment Advisors LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 16.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 8,949 shares of the natural resource company’s stock after selling 1,781 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $388,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC lifted its stake in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC lifted its position in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after buying an additional 507 shares during the last quarter. PFG Advisors purchased a new stake in Freeport-McMoRan in the first quarter worth approximately $214,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Freeport-McMoRan by 12.1% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 943,136 shares of the natural resource company’s stock valued at $35,707,000 after acquiring an additional 102,043 shares during the last quarter. Finally, Oak Thistle LLC bought a new position in Freeport-McMoRan during the first quarter valued at approximately $1,924,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $41.15 on Thursday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The firm has a market cap of $59.09 billion, a P/E ratio of 28.98, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12. The firm has a 50-day moving average of $41.31 and a 200-day moving average of $41.84.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 EPS. Freeport-McMoRan’s quarterly revenue was up 2.7% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Analysts Set New Price Targets

FCX has been the subject of a number of research reports. Royal Bank Of Canada cut their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday, October 3rd. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Raymond James Financial lowered their target price on Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Johnson Rice reduced their price target on Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Buy” and a consensus price target of $46.73.

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.