Princeton Capital Management LLC Increases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Princeton Capital Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,045 shares of the natural resource company’s stock after buying an additional 1,065 shares during the period. Princeton Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,250,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Capital Research Global Investors boosted its position in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors bought a new stake in Freeport-McMoRan during the first quarter valued at $417,752,000. Capital World Investors increased its stake in Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares during the last quarter. Swedbank AB bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $162,464,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.0 %

NYSE:FCX opened at $43.55 on Tuesday. The firm has a market capitalization of $62.58 billion, a P/E ratio of 31.79, a P/E/G ratio of 1.84 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $46.69 and a 200 day moving average of $47.29. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 earnings per share. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FCX. Scotiabank cut 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 note on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.