Kessler Investment Group LLC Grows Position in Freeport-McMoRan Inc (NYSE:FCX)

Kessler Investment Group LLC boosted its stake in Freeport-McMoRan Inc (NYSE:FCX) by 3,209.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,451 shares of the natural resource company’s stock after purchasing an additional 160,451 shares during the period. Freeport-McMoRan comprises 2.2% of Kessler Investment Group LLC’s investment portfolio, making the stock its 18th largest position. Kessler Investment Group LLC’s holdings in Freeport-McMoRan were worth $2,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of the company. Cetera Advisors LLC increased its position in shares of Freeport-McMoRan by 27.0% during the third quarter. Cetera Advisors LLC now owns 464,811 shares of the natural resource company’s stock valued at $4,461,000 after buying an additional 98,745 shares during the period. Captrust Financial Advisors grew its position in Freeport-McMoRan by 4,709.6% in the 2nd quarter. Captrust Financial Advisors now owns 251,638 shares of the natural resource company’s stock worth $2,922,000 after purchasing an additional 246,406 shares during the period. Squarepoint Ops LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at $4,063,000. Grassi Investment Management grew its holdings in shares of Freeport-McMoRan by 7.8% in the third quarter. Grassi Investment Management now owns 193,200 shares of the natural resource company’s stock worth $1,849,000 after acquiring an additional 14,000 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in Freeport-McMoRan by 0.3% in the third quarter. Public Employees Retirement System of Ohio now owns 493,466 shares of the natural resource company’s stock worth $4,722,000 after purchasing an additional 1,653 shares during the last quarter. Hedge funds and other institutional investors own 71.11% of the company’s stock.

A number of equities analysts have weighed in on the stock. Exane BNP Paribas began coverage on shares of Freeport-McMoRan in a research report on Friday, September 20th. They issued an “outperform” rating for the company. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $13.00 to $12.00 in a research note on Thursday, October 10th. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Credit Suisse Group downgraded shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $11.00 to $10.00 in a report on Tuesday. They noted that the move was a valuation call. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $13.30 price objective on shares of Freeport-McMoRan in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $13.48.

Shares of NYSE:FCX traded down $0.04 on Thursday, hitting $12.95. 8,713,631 shares of the company were exchanged, compared to its average volume of 15,735,365. The company has a current ratio of 2.47, a quick ratio of 1.16 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average price is $12.57 and its 200 day moving average price is $10.84. Freeport-McMoRan Inc has a 1-year low of $8.43 and a 1-year high of $14.68. The firm has a market capitalization of $19.17 billion, a P/E ratio of 8.52 and a beta of 2.51.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Freeport-McMoRan had a positive return on equity of 0.91% and a negative net margin of 0.22%. The company had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The firm’s revenue was down 32.6% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan Inc will post 0.01 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, January 14th. This represents a $0.20 annualized dividend and a yield of 1.54%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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

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