Pinnacle Associates Ltd. Purchases 7,295 Shares of Freeport-McMoRan Inc. $FCX

Pinnacle Associates Ltd. lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 222,767 shares of the natural resource company’s stock after acquiring an additional 7,295 shares during the period. Pinnacle Associates Ltd.’s holdings in Freeport-McMoRan were worth $9,657,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Putney Financial Group LLC raised its position in shares of Freeport-McMoRan by 2,834.6% in the 2nd quarter. Putney Financial Group LLC now owns 3,815 shares of the natural resource company’s stock worth $165,000 after acquiring an additional 3,685 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its position in shares of Freeport-McMoRan by 10.1% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 10,272 shares of the natural resource company’s stock worth $445,000 after acquiring an additional 943 shares in the last quarter. Simon Quick Advisors LLC raised its position in shares of Freeport-McMoRan by 477.3% in the 2nd quarter. Simon Quick Advisors LLC now owns 38,795 shares of the natural resource company’s stock worth $1,682,000 after acquiring an additional 32,075 shares in the last quarter. Strs Ohio grew its stake in shares of Freeport-McMoRan by 4.6% in the 2nd quarter. Strs Ohio now owns 653,035 shares of the natural resource company’s stock worth $28,309,000 after buying an additional 28,872 shares during the last quarter. Finally, Atria Investments Inc increased its position in Freeport-McMoRan by 4.4% during the 2nd quarter. Atria Investments Inc now owns 72,249 shares of the natural resource company’s stock valued at $3,132,000 after buying an additional 3,078 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. CICC Research reduced their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research note on Friday, September 26th. Jefferies Financial Group reiterated a “buy” rating and issued a $46.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Finally, Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Tuesday, September 30th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Price Performance

NYSE FCX opened at $41.76 on Friday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.21. The stock has a 50-day moving average of $42.52 and a 200 day moving average of $41.34. The company has a market capitalization of $59.96 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 0.94 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period last year, the company earned $0.38 EPS. Freeport-McMoRan’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast 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 Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

About Freeport-McMoRan

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.