Reliant Investment Management LLC Has $4.07 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Reliant Investment Management LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,477 shares of the natural resource company’s stock after acquiring an additional 5,324 shares during the quarter. Freeport-McMoRan accounts for about 1.9% of Reliant Investment Management LLC’s holdings, making the stock its 29th largest position. Reliant Investment Management LLC’s holdings in Freeport-McMoRan were worth $4,067,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Atomi Financial Group Inc. raised its stake in Freeport-McMoRan by 15.7% during the 3rd quarter. Atomi Financial Group Inc. now owns 14,357 shares of the natural resource company’s stock valued at $717,000 after purchasing an additional 1,952 shares during the period. Verde Servicos Internacionais S.A. acquired a new position in Freeport-McMoRan during the third quarter valued at $5,515,000. GAMMA Investing LLC lifted its stake in Freeport-McMoRan by 25.1% in the 3rd quarter. GAMMA Investing LLC now owns 19,771 shares of the natural resource company’s stock worth $987,000 after acquiring an additional 3,966 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Freeport-McMoRan by 1.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 674,993 shares of the natural resource company’s stock worth $33,696,000 after acquiring an additional 11,254 shares during the period. Finally, Wright Investors Service Inc. purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $563,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCX. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank upped their price target on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Freeport-McMoRan Stock Performance

FCX opened at $48.59 on Wednesday. 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 company has a market cap of $69.80 billion, a PE ratio of 43.00, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The stock has a 50-day moving average of $44.40 and a 200-day moving average of $47.78. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $6 billion. During the same period in the previous year, the company earned $0.35 EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. Freeport-McMoRan’s payout ratio is presently 26.55%.

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.