Pine Valley Investments Ltd Liability Co Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Pine Valley Investments Ltd Liability Co grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,306 shares of the natural resource company’s stock after buying an additional 490 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Freeport-McMoRan were worth $514,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Hazlett Burt & Watson Inc. grew its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the second quarter worth about $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan in the third quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in Freeport-McMoRan in the second quarter valued at about $27,000. Finally, RFP Financial Group LLC lifted its holdings in Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after buying an additional 426 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Morgan Stanley decreased their price target 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Six 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. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $53.92.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $41.59 on Friday. The company has a market capitalization of $59.75 billion, a P/E ratio of 30.35, a P/E/G ratio of 3.00 and a beta of 1.86. 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 12 month low of $36.26 and a 12 month high of $55.24. The stock has a 50 day moving average of $45.51 and a two-hundred day moving average of $46.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.49 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

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.