Harbor Capital Advisors Inc. Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Capital Advisors Inc. boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,431 shares of the natural resource company’s stock after buying an additional 244 shares during the period. Harbor Capital Advisors Inc.’s holdings in Freeport-McMoRan were worth $2,518,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCX. Norden Group LLC raised its holdings in Freeport-McMoRan by 28.2% in the 1st quarter. Norden Group LLC now owns 16,659 shares of the natural resource company’s stock valued at $783,000 after buying an additional 3,665 shares during the period. Private Advisor Group LLC increased its stake in Freeport-McMoRan by 16.8% during the first quarter. Private Advisor Group LLC now owns 73,668 shares of the natural resource company’s stock worth $3,464,000 after purchasing an additional 10,612 shares during the period. Commerce Bank increased its stake in Freeport-McMoRan by 0.9% during the first quarter. Commerce Bank now owns 336,439 shares of the natural resource company’s stock worth $15,819,000 after purchasing an additional 2,925 shares during the period. Avidian Wealth Solutions LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $213,000. Finally, Catalina Capital Group LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $266,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted 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 target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James boosted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note 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. Finally, JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Six 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $46.27 on Tuesday. The stock’s 50 day moving average price is $46.20 and its 200 day moving average price is $47.64. The firm has a market capitalization of $66.48 billion, a PE ratio of 33.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the company posted $0.39 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.65%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

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.