Princeton Capital Management LLC Has $1.25 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Princeton Capital Management LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 28,715 shares of the natural resource company’s stock after buying an additional 2,735 shares during the quarter. Princeton Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,245,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Callan Family Office LLC raised its position in shares of Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after purchasing an additional 18,803 shares during the period. New York Life Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 11.8% in the 2nd quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after buying an additional 22,766 shares in the last quarter. Bourgeon Capital Management LLC raised its position in Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after purchasing an additional 24,803 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after acquiring an additional 8,989 shares during the last quarter. Finally, Mercuria Capital Strategies LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth $9,970,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FCX shares. Deutsche Bank Aktiengesellschaft reduced their price objective 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. Morgan Stanley cut their price target on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. CICC Research dropped their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Finally, UBS Group set a $48.00 price target on Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Stock Down 3.9%

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

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $6.74 billion. During the same period in the prior year, the company posted $0.38 earnings per share. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid 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 dividend payout ratio is currently 21.13%.

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.