Angeles Investment Advisors LLC Has $269,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Angeles Investment Advisors LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 12.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,387 shares of the natural resource company’s stock after buying an additional 613 shares during the period. Angeles Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $269,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. raised its position in shares of Freeport-McMoRan by 1,170.7% during the second 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 during the period. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $25,000. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the 2nd quarter valued at about $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.1 %

FCX stock opened at $43.13 on Thursday. The stock has a fifty day moving average of $46.54 and a 200-day moving average of $47.46. Freeport-McMoRan Inc. has a fifty-two week low of $34.55 and a fifty-two week high of $55.24. The company has a market capitalization of $61.96 billion, a price-to-earnings ratio of 31.48, a PEG ratio of 1.88 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the company earned $0.39 earnings per share. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analysts Set New Price Targets

Several brokerages have recently commented on FCX. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley cut 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $54.00.

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.