Prairie Sky Financial Group LLC Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Prairie Sky Financial Group LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,420 shares of the natural resource company’s stock after purchasing an additional 420 shares during the period. Prairie Sky Financial Group LLC’s holdings in Freeport-McMoRan were worth $520,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Michael S. Ryan Inc. increased its holdings in shares of Freeport-McMoRan by 6.8% in the third quarter. Michael S. Ryan Inc. now owns 6,535 shares of the natural resource company’s stock valued at $326,000 after purchasing an additional 416 shares during the period. Creative Planning increased its stake in Freeport-McMoRan by 10.6% in the 3rd quarter. Creative Planning now owns 224,277 shares of the natural resource company’s stock valued at $11,196,000 after buying an additional 21,584 shares during the period. Sivia Capital Partners LLC purchased a new position in Freeport-McMoRan during the 3rd quarter worth $243,000. Fiduciary Alliance LLC lifted its stake in shares of Freeport-McMoRan by 7.6% in the 3rd quarter. Fiduciary Alliance LLC now owns 203,084 shares of the natural resource company’s stock worth $10,138,000 after acquiring an additional 14,402 shares during the period. Finally, Affinity Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.3% in the third quarter. Affinity Wealth Management LLC now owns 125,170 shares of the natural resource company’s stock valued at $6,249,000 after acquiring an additional 1,642 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FCX. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank increased their price target on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday, October 8th. Finally, 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 report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Freeport-McMoRan Price Performance

FCX stock opened at $48.87 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock’s 50 day moving average price is $44.91 and its 200 day moving average price is $47.88. The firm has a market cap of $70.20 billion, a P/E ratio of 43.25, a PEG ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the business posted $0.35 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.61%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.