Intrepid Capital Management Inc. Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Intrepid Capital Management Inc. grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 14.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 40,924 shares of the natural resource company’s stock after acquiring an additional 5,280 shares during the period. Freeport-McMoRan comprises 1.1% of Intrepid Capital Management Inc.’s investment portfolio, making the stock its 29th biggest holding. Intrepid Capital Management Inc.’s holdings in Freeport-McMoRan were worth $2,043,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $27,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Freeport-McMoRan Stock Up 0.8 %

Shares of NYSE FCX traded up $0.33 during mid-day trading on Tuesday, reaching $43.97. The company had a trading volume of 1,122,557 shares, compared to its average volume of 12,770,665. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $46.87 and a two-hundred day simple moving average of $46.80. The stock has a market cap of $63.18 billion, a P/E ratio of 31.85, a PEG ratio of 17.44 and a beta of 1.86. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results 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. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.