Highview Capital Management LLC DE Invests $1.48 Million in Freeport-McMoRan Inc. $FCX

Highview Capital Management LLC DE acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 34,192 shares of the natural resource company’s stock, valued at approximately $1,482,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Beacon Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth $37,000. MTM Investment Management LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter worth about $43,000. Hilltop National Bank purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $43,000. Finally, NewSquare Capital LLC lifted its holdings in shares of Freeport-McMoRan by 74.9% in the second quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock worth $43,000 after buying an additional 429 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. CICC Research reduced their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. HSBC upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $50.00 in a research report on Friday, October 17th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Tuesday, September 30th. Finally, Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $46.78.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $39.97 on Wednesday. The stock has a 50 day moving average price of $41.39 and a 200 day moving average price of $41.84. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The firm has a market capitalization of $57.39 billion, a P/E ratio of 28.15, a P/E/G ratio of 0.94 and a beta of 1.64.

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. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 EPS. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

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.