Princeton Capital Management LLC Boosts Stock Position in Freeport-McMoRan Inc. $FCX

Princeton Capital Management LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,715 shares of the natural resource company’s stock after buying an additional 2,735 shares during the period. Princeton Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares in the last quarter. Dagco Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately $37,000. Hilltop National Bank acquired a new position in Freeport-McMoRan in the 2nd quarter valued at $43,000. NewSquare Capital LLC lifted its position in Freeport-McMoRan by 74.9% in the second quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock valued at $43,000 after purchasing an additional 429 shares during the period. Finally, CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $38.63 on Friday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The stock has a 50 day simple moving average of $42.18 and a 200-day simple moving average of $41.53. The company has a market cap of $55.46 billion, a PE ratio of 27.20, a P/E/G ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a $0.15 dividend. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.6%. Freeport-McMoRan’s payout ratio is 21.13%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. CICC Research dropped their price target on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, October 8th. Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lowered their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.01.

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.