Syntax Research Inc. Acquires 69,723 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Syntax Research Inc. raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 16,841.3% in the third quarter, Holdings Channel.com reports. The firm owned 70,137 shares of the natural resource company’s stock after purchasing an additional 69,723 shares during the period. Freeport-McMoRan comprises 2.4% of Syntax Research Inc.’s portfolio, making the stock its 14th largest holding. Syntax Research Inc.’s holdings in Freeport-McMoRan were worth $3,501,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan during the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $27,000. Finally, RFP Financial Group LLC boosted its stake in Freeport-McMoRan by 261.3% in the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $40.62 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The stock has a market capitalization of $58.37 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 3.00 and a beta of 1.86. The firm’s 50 day moving average price is $45.15 and its 200-day moving average price is $45.94.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.49 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analysts Set New Price Targets

FCX has been the subject of a number of analyst reports. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group upgraded 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 report on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.92.

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.