Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Old West Investment Management LLC

Old West Investment Management LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 22.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 61,980 shares of the natural resource company’s stock after acquiring an additional 11,564 shares during the quarter. Freeport-McMoRan accounts for approximately 1.1% of Old West Investment Management LLC’s holdings, making the stock its 26th largest holding. Old West Investment Management LLC’s holdings in Freeport-McMoRan were worth $3,094,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FCX. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $25,000. Hazlett Burt & Watson Inc. grew its holdings 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 valued at $25,000 after buying an additional 480 shares during the last quarter. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $47.00 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a 50-day moving average of $46.25 and a 200 day moving average of $47.60. The stock has a market capitalization of $67.53 billion, a price-to-earnings ratio of 34.31, a PEG ratio of 1.95 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (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 for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the business earned $0.39 earnings per share. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid 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 yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analysts Set New Price Targets

Several research firms have weighed in on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised their price target 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. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Scotiabank cut their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently 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.