PKS Advisory Services LLC Takes $468,000 Position in Freeport-McMoRan Inc. $FCX

PKS Advisory Services LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 10,142 shares of the natural resource company’s stock, valued at approximately $468,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FCX. Beacon Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares during the last quarter. Dagco Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $37,000. MTM Investment Management LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $43,000. Hilltop National Bank acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $43,000. Finally, NewSquare Capital LLC grew its stake in shares of Freeport-McMoRan by 74.9% in the 2nd quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock valued at $43,000 after purchasing an additional 429 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FCX shares. HSBC cut their price target on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday. Royal Bank Of Canada reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, CICC Research reduced their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Buy” and a consensus target price of $46.73.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $39.68 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The firm has a market capitalization of $56.98 billion, a P/E ratio of 27.94, a PEG ratio of 0.94 and a beta of 1.64. The company’s fifty day moving average is $41.19 and its two-hundred day moving average is $41.82.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.38 earnings per share. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

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.