Eagle Strategies LLC Has $2.64 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Eagle Strategies LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,917 shares of the natural resource company’s stock after selling 2,689 shares during the period. Eagle Strategies LLC’s holdings in Freeport-McMoRan were worth $2,642,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the third quarter worth $25,000. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the second quarter valued at $25,000. Hazlett Burt & Watson Inc. lifted its holdings in 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 buying an additional 480 shares during the period. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $26,000. Finally, LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FCX shares. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank decreased their target price 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $46.57 on Wednesday. The stock has a market capitalization of $66.91 billion, a P/E ratio of 33.99, a PEG ratio of 1.99 and a beta of 1.90. The company has a current ratio of 2.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $46.10 and its 200 day moving average is $47.73. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month 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 (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the prior year, the company posted $0.39 EPS. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.59 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. 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.