PDS Planning Inc Raises Stock Position in Freeport-McMoRan Inc. $FCX

PDS Planning Inc grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,226 shares of the natural resource company’s stock after acquiring an additional 961 shares during the period. PDS Planning Inc’s holdings in Freeport-McMoRan were worth $357,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after buying an additional 507 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Freeport-McMoRan by 5.6% in the 1st quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company’s stock worth $863,000 after buying an additional 1,219 shares in the last quarter. Simon Quick Advisors LLC acquired a new position in Freeport-McMoRan during the first quarter worth about $254,000. Finally, Farmers & Merchants Investments Inc. raised its position in Freeport-McMoRan by 10.6% during the first quarter. Farmers & Merchants Investments Inc. now owns 4,248 shares of the natural resource company’s stock worth $161,000 after acquiring an additional 408 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 5.5%

Freeport-McMoRan stock opened at $40.92 on Monday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.28. The company’s fifty day moving average price is $42.51 and its two-hundred day moving average price is $40.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market capitalization of $58.74 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 0.93 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the business posted $0.46 EPS. Freeport-McMoRan’s revenue was up 14.5% compared to the same quarter last year. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FCX shares. Raymond James Financial dropped their price objective on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Johnson Rice lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday. Finally, CICC Research cut their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $46.56.

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.