Freeport-McMoRan Inc. (NYSE:FCX) is Beaconlight Capital LLC’s 9th Largest Position

Beaconlight Capital LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 73.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 207,089 shares of the natural resource company’s stock after acquiring an additional 87,504 shares during the period. Freeport-McMoRan comprises about 4.2% of Beaconlight Capital LLC’s holdings, making the stock its 9th biggest position. Beaconlight Capital LLC’s holdings in Freeport-McMoRan were worth $10,338,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FCX. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the 3rd quarter valued at about $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several recent research reports. Scotiabank dropped their price target on 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. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six investment 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Up 1.1 %

NYSE:FCX traded up $0.47 during trading hours on Wednesday, reaching $43.95. 304,307 shares of the company were exchanged, compared to its average volume of 12,814,354. The firm has a market cap of $63.15 billion, a price-to-earnings ratio of 31.74, a PEG ratio of 1.92 and a beta of 1.91. The stock has a 50 day simple moving average of $46.90 and a 200 day simple moving average of $47.05. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. 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 (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the company posted $0.39 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 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.