Princeton Capital Management LLC Acquires 1,065 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Princeton Capital Management LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,045 shares of the natural resource company’s stock after purchasing an additional 1,065 shares during the period. Princeton Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,250,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Easterly Investment Partners LLC boosted its position in shares of Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after purchasing an additional 85,542 shares in the last quarter. Summit Global Investments boosted its holdings in Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after acquiring an additional 71,883 shares in the last quarter. AIA Group Ltd grew its stake in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the period. NorthCrest Asset Manangement LLC increased its holdings in shares of Freeport-McMoRan by 33.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after acquiring an additional 107,852 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after purchasing an additional 35,972 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCX. 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 research note on Thursday, September 19th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $43.55 on Tuesday. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company’s 50-day moving average is $46.69 and its 200 day moving average is $47.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $62.58 billion, a P/E ratio of 31.79, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $6.45 billion. During the same period in the prior year, the firm earned $0.39 EPS. The company’s revenue was up 16.6% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.