Gables Capital Management Inc. Lowers Holdings in Freeport-McMoRan Inc. $FCX

Gables Capital Management Inc. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,801 shares of the natural resource company’s stock after selling 1,500 shares during the quarter. Gables Capital Management Inc.’s holdings in Freeport-McMoRan were worth $728,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FCX. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $37,000. Beacon Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $42,000. Finally, Hilltop National Bank acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Scotiabank upped their target price on Freeport-McMoRan from $45.00 to $49.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 14th. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. BNP Paribas Exane cut their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. BMO Capital Markets cut their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, September 24th. Finally, HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price objective for the company from $43.00 to $50.00 in a report on Friday. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.92.

Freeport-McMoRan Stock Down 2.0%

Freeport-McMoRan stock opened at $41.36 on Wednesday. The firm has a market cap of $59.38 billion, a price-to-earnings ratio of 31.33, a price-to-earnings-growth ratio of 0.99 and a beta of 1.58. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.12. The business’s 50-day moving average price is $42.64 and its 200 day moving average price is $40.81. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.46 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date 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 is currently 22.73%.

Freeport-McMoRan 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.