PDS Planning Inc Purchases 646 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

PDS Planning Inc lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,947 shares of the natural resource company’s stock after buying an additional 646 shares during the period. PDS Planning Inc’s holdings in Freeport-McMoRan were worth $347,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FCX. NorthCrest Asset Manangement LLC grew its position in shares of Freeport-McMoRan by 33.3% in the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after purchasing an additional 107,852 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after buying an additional 35,972 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after buying an additional 25,214 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $770,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $46.27 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a market cap of $66.48 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 1.93 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business’s fifty day moving average is $46.20 and its 200 day moving average is $47.64.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. Research analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.65%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Morgan Stanley lowered their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan 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.