Pavion Blue Capital LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Pavion Blue Capital LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,000 shares of the natural resource company’s stock, valued at approximately $217,000.

Other institutional investors also recently bought and sold shares of the company. Callan Family Office LLC raised its position in Freeport-McMoRan by 229.9% during the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after buying an additional 18,803 shares during the last quarter. Stratos Investment Management LLC raised its position in Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock worth $2,443,000 after buying an additional 45,458 shares during the last quarter. Bourgeon Capital Management LLC raised its position in Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after buying an additional 24,803 shares during the last quarter. Arizona State Retirement System raised its position in Freeport-McMoRan by 2.2% during the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after buying an additional 8,989 shares during the last quarter. Finally, Financial Sense Advisors Inc. raised its position in Freeport-McMoRan by 527.9% during the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock worth $2,882,000 after buying an additional 64,003 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. HSBC raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the stock from $43.00 to $50.00 in a research report on Friday, October 17th. Raymond James Financial cut their target price on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. BNP Paribas Exane cut their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Sanford C. Bernstein cut their target price on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $46.92.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $41.04 on Tuesday. The company’s fifty day moving average price is $42.54 and its 200 day moving average price is $41.15. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.21. The stock has a market capitalization of $58.92 billion, a P/E ratio of 28.90, a P/E/G ratio of 0.95 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the company earned $0.38 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

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.