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

Old West Investment Management LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 22.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 61,980 shares of the natural resource company’s stock after acquiring an additional 11,564 shares during the period. Freeport-McMoRan makes up approximately 1.1% of Old West Investment Management LLC’s investment portfolio, making the stock its 26th largest position. 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 institutional investors have also bought and sold shares of FCX. Deane Retirement Strategies Inc. raised its holdings in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after purchasing an additional 203 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Koshinski Asset Management Inc. boosted its holdings in Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after purchasing an additional 214 shares during the last quarter. Finally, Trust Co. of Vermont grew its stake in shares of Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after buying an additional 228 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent analyst reports. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Scotiabank dropped their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Up 1.6 %

Freeport-McMoRan stock opened at $47.00 on Wednesday. The firm has a market capitalization of $67.53 billion, a P/E ratio of 34.31, a P/E/G ratio of 1.95 and a beta of 1.91. 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’s fifty day simple moving average is $46.25 and its 200-day simple moving average is $47.60.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share 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 given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Freeport-McMoRan 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.