Mengis Capital Management Inc. Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Mengis Capital Management Inc. grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,142 shares of the natural resource company’s stock after buying an additional 551 shares during the quarter. Mengis Capital Management Inc.’s holdings in Freeport-McMoRan were worth $1,405,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Souders Financial Advisors raised its position in shares of Freeport-McMoRan by 440.6% during the 3rd quarter. Souders Financial Advisors now owns 90,919 shares of the natural resource company’s stock worth $4,539,000 after purchasing an additional 74,100 shares during the last quarter. RPG Investment Advisory LLC increased its stake in Freeport-McMoRan by 3.6% during the 3rd quarter. RPG Investment Advisory LLC now owns 261,642 shares of the natural resource company’s stock worth $13,061,000 after buying an additional 9,002 shares in the last quarter. Aptus Capital Advisors LLC raised its holdings in shares of Freeport-McMoRan by 19.8% during the third quarter. Aptus Capital Advisors LLC now owns 143,895 shares of the natural resource company’s stock valued at $7,183,000 after acquiring an additional 23,818 shares during the last quarter. Missouri Trust & Investment Co lifted its position in shares of Freeport-McMoRan by 22.8% in the third quarter. Missouri Trust & Investment Co now owns 8,086 shares of the natural resource company’s stock valued at $404,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Cumberland Partners Ltd lifted its position in shares of Freeport-McMoRan by 25.8% in the third quarter. Cumberland Partners Ltd now owns 27,800 shares of the natural resource company’s stock valued at $1,388,000 after acquiring an additional 5,700 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $43.60 on Wednesday. The stock has a fifty day simple moving average of $46.51 and a 200-day simple moving average of $47.49. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a market cap of $62.65 billion, a PE ratio of 31.83, a P/E/G ratio of 1.94 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $33.38 and a twelve month high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analyst Ratings Changes

Several research firms recently commented on FCX. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, Raymond James boosted 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. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.