Sivia Capital Partners LLC Invests $243,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Sivia Capital Partners LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,866 shares of the natural resource company’s stock, valued at approximately $243,000.

A number of other institutional investors have also recently made changes to their positions in the company. Matrix Trust Co purchased a new position in Freeport-McMoRan during the third quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. lifted its position in 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 buying an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the second quarter valued at $26,000. Finally, LRI Investments LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Raymond James lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank boosted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Stock Down 2.6 %

Shares of NYSE:FCX traded down $1.29 on Monday, hitting $48.74. 7,416,993 shares of the company’s stock were exchanged, compared to its average volume of 13,173,641. The firm’s 50-day moving average is $44.75 and its 200 day moving average is $47.87. The company has a market capitalization of $70.01 billion, a PE ratio of 44.27, a P/E/G ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

About Freeport-McMoRan

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.