Old West Investment Management LLC Buys 11,564 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Old West Investment Management LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,980 shares of the natural resource company’s stock after buying an additional 11,564 shares during the quarter. Freeport-McMoRan makes up approximately 1.2% of Old West Investment Management LLC’s portfolio, making the stock its 23rd biggest position. Old West Investment Management LLC’s holdings in Freeport-McMoRan were worth $3,094,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Deane Retirement Strategies Inc. increased its position in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares during the period. Koshinski Asset Management Inc. boosted its position in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont grew its holdings in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after acquiring an additional 228 shares during the period. Fidelis Capital Partners LLC raised its position in shares of Freeport-McMoRan by 2.0% in the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after acquiring an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC lifted its stake in shares of Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $42.69 on Wednesday. The stock has a market capitalization of $61.34 billion, a PE ratio of 31.16, a price-to-earnings-growth ratio of 16.60 and a beta of 1.86. The company’s 50-day moving average is $46.00 and its 200-day moving average is $46.32. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping 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 company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the business posted $0.39 EPS. The firm’s revenue was up 16.6% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. 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 0.70%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analyst Weigh In

FCX has been the subject of several recent analyst reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank reduced their price objective 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. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, 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. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $53.92.

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.