Sax Wealth Advisors LLC Buys 1,991 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sax Wealth Advisors LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 35.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,652 shares of the natural resource company’s stock after acquiring an additional 1,991 shares during the quarter. Sax Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Merit Financial Group LLC lifted its holdings in Freeport-McMoRan by 232.9% in the fourth quarter. Merit Financial Group LLC now owns 26,405 shares of the natural resource company’s stock valued at $1,005,000 after acquiring an additional 18,472 shares during the period. Wealthcare Advisory Partners LLC increased its position in shares of Freeport-McMoRan by 6.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 9,930 shares of the natural resource company’s stock valued at $378,000 after purchasing an additional 631 shares during the last quarter. Avanza Fonder AB bought a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $5,774,000. Procyon Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 19.7% in the fourth quarter. Procyon Advisors LLC now owns 37,690 shares of the natural resource company’s stock worth $1,435,000 after buying an additional 6,200 shares during the last quarter. Finally, Empirical Asset Management LLC bought a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $1,764,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

FCX stock opened at $40.27 on Friday. The company has a market capitalization of $57.86 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87. The company’s fifty day moving average price is $41.25 and its 200-day moving average price is $44.31. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. 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 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 during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The business’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Scotiabank dropped their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. Jefferies Financial Group decreased their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.42.

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.