Pinnacle Associates Ltd. Has $5.03 Million Position in Freeport-McMoRan Inc (FCX)

Pinnacle Associates Ltd. increased its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 1.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 360,994 shares of the natural resource company’s stock after purchasing an additional 6,702 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Freeport-McMoRan were worth $5,025,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Alps Advisors Inc. raised its position in Freeport-McMoRan by 27.2% in the second quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock worth $283,000 after acquiring an additional 3,200 shares during the period. Independent Advisor Alliance raised its position in Freeport-McMoRan by 9.6% in the second quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock worth $583,000 after acquiring an additional 3,311 shares during the period. Atlas Capital Advisors LLC raised its position in shares of Freeport-McMoRan by 34.2% in the second quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock valued at $227,000 after purchasing an additional 3,445 shares during the period. Wedbush Securities Inc. raised its position in shares of Freeport-McMoRan by 11.0% in the second quarter. Wedbush Securities Inc. now owns 45,500 shares of the natural resource company’s stock valued at $785,000 after purchasing an additional 4,503 shares during the period. Finally, World Asset Management Inc raised its position in shares of Freeport-McMoRan by 5.3% in the third quarter. World Asset Management Inc now owns 93,487 shares of the natural resource company’s stock valued at $1,301,000 after purchasing an additional 4,702 shares during the period. Institutional investors and hedge funds own 71.52% of the company’s stock.

Shares of Freeport-McMoRan stock opened at $10.77 on Monday. Freeport-McMoRan Inc has a 52-week low of $10.59 and a 52-week high of $20.25. The firm has a market capitalization of $15.61 billion, a PE ratio of 9.21 and a beta of 2.40. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.84 and a quick ratio of 1.78.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The company had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same quarter in the prior year, the company earned $0.34 EPS. The firm’s revenue was up 13.9% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc will post 1.7 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Monday, October 15th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.86%. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.

In related news, Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the sale, the director now directly owns 152,133 shares in the company, valued at approximately $1,696,282.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.05% of the company’s stock.

Several analysts have recently issued reports on FCX shares. Barclays started coverage on shares of Freeport-McMoRan in a research report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price target on the stock. Citigroup lowered their price target on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 17th. Clarkson Capital lowered shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price target on the stock. in a research report on Tuesday, September 11th. Raymond James set a $16.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 24th. Finally, Royal Bank of Canada lowered shares of Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price target on the stock. in a research report on Tuesday, November 6th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $16.71.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

Further Reading: What is insider trading?

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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