Mengis Capital Management Inc. Buys 551 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Mengis Capital Management Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,142 shares of the natural resource company’s stock after acquiring an additional 551 shares during the period. Mengis Capital Management Inc.’s holdings in Freeport-McMoRan were worth $1,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth about $25,000. Matrix Trust Co purchased a new position in Freeport-McMoRan in the 3rd quarter worth about $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan in the 2nd quarter worth about $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several research analyst reports. Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $43.60 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $33.38 and a 52 week high of $55.24. The business’s 50 day moving average price is $46.51 and its 200 day moving average price is $47.49. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a market cap of $62.65 billion, a P/E ratio of 31.83, a P/E/G ratio of 1.94 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Freeport-McMoRan Company 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.