Princeton Capital Management LLC Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Princeton Capital Management LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 25,980 shares of the natural resource company’s stock after purchasing an additional 275 shares during the period. Princeton Capital Management LLC’s holdings in Freeport-McMoRan were worth $984,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. Advisor OS LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $282,000. Carnegie Investment Counsel grew its holdings in shares of Freeport-McMoRan by 21.1% during the first quarter. Carnegie Investment Counsel now owns 59,659 shares of the natural resource company’s stock worth $2,259,000 after buying an additional 10,379 shares in the last quarter. Machina Capital S.A.S. lifted its stake in Freeport-McMoRan by 23.4% in the 1st quarter. Machina Capital S.A.S. now owns 38,174 shares of the natural resource company’s stock worth $1,445,000 after purchasing an additional 7,237 shares in the last quarter. Ninepoint Partners LP acquired a new stake in Freeport-McMoRan during the first quarter worth about $2,082,000. Finally, Black Swift Group LLC grew its position in Freeport-McMoRan by 251.6% in the first quarter. Black Swift Group LLC now owns 77,210 shares of the natural resource company’s stock worth $2,923,000 after acquiring an additional 55,250 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCX. Scotiabank upped their price target on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 9th. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. Royal Bank Of Canada upped their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Finally, Bank of America reissued a “neutral” rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.71.

Freeport-McMoRan Stock Up 0.4%

FCX stock traded up $0.18 during trading on Thursday, hitting $45.02. 3,096,958 shares of the company’s stock were exchanged, compared to its average volume of 15,707,756. The business has a 50-day moving average price of $42.05 and a two-hundred day moving average price of $38.86. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $64.70 billion, a price-to-earnings ratio of 37.40, a PEG ratio of 0.85 and a beta of 1.64. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.33%. Freeport-McMoRan’s payout ratio is currently 24.79%.

Insider Buying and Selling

In other news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer owned 48,333 shares in the company, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.75% of the company’s stock.

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.