GAMMA Investing LLC Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

GAMMA Investing LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 25.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,771 shares of the natural resource company’s stock after purchasing an additional 3,966 shares during the period. GAMMA Investing LLC’s holdings in Freeport-McMoRan were worth $987,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. boosted its holdings in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $26,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth $27,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on FCX shares. Raymond James increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft lifted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Morgan Stanley reduced their price objective 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 analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Up 0.5 %

NYSE:FCX opened at $50.79 on Tuesday. The firm has a market capitalization of $72.96 billion, a P/E ratio of 44.95, a PEG ratio of 2.89 and a beta of 1.90. The company’s fifty day moving average price is $44.30 and its 200-day moving average price is $47.75. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.59%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.