PDS Planning Inc Has $357,000 Stake in Freeport-McMoRan Inc. $FCX

PDS Planning Inc grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 13.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 8,226 shares of the natural resource company’s stock after buying an additional 961 shares during the period. PDS Planning Inc’s holdings in Freeport-McMoRan were worth $357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of FCX. Fourpath Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 5.0% during the 2nd quarter. Fourpath Capital Management LLC now owns 6,827 shares of the natural resource company’s stock worth $296,000 after acquiring an additional 323 shares during the period. Shikiar Asset Management Inc. lifted its holdings in shares of Freeport-McMoRan by 9.4% during the 2nd quarter. Shikiar Asset Management Inc. now owns 151,235 shares of the natural resource company’s stock worth $6,556,000 after acquiring an additional 13,050 shares during the period. Mengis Capital Management Inc. lifted its holdings in shares of Freeport-McMoRan by 14.3% during the 2nd quarter. Mengis Capital Management Inc. now owns 34,153 shares of the natural resource company’s stock worth $1,481,000 after acquiring an additional 4,285 shares during the period. Gilliland Jeter Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $218,000. Finally, Argyle Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.4% during the 2nd quarter. Argyle Capital Management LLC now owns 35,670 shares of the natural resource company’s stock worth $1,546,000 after acquiring an additional 500 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, September 30th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, October 2nd. BNP Paribas Exane reduced their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Finally, Scotiabank restated a “sector perform” rating and issued a $45.00 price target (down from $55.00) on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.56.

Freeport-McMoRan Trading Down 5.5%

Shares of NYSE FCX opened at $40.92 on Monday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.28. The company has a market cap of $58.74 billion, a PE ratio of 31.00, a P/E/G ratio of 0.93 and a beta of 1.58. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $42.51 and a two-hundred day moving average of $40.55.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The company’s revenue was up 14.5% on a year-over-year basis. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s payout ratio is currently 22.73%.

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.