Syntax Research Inc. Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Syntax Research Inc. boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16,841.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,137 shares of the natural resource company's stock after purchasing an additional 69,723 shares during the quarter. Freeport-McMoRan comprises 2.4% of Syntax Research Inc.'s holdings, making the stock its 14th largest holding. Syntax Research Inc.'s holdings in Freeport-McMoRan were worth $3,501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan in the 2nd quarter worth $27,000. Finally, RFP Financial Group LLC raised its stake in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company's stock worth $29,000 after purchasing an additional 426 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 4.7 %

Shares of NYSE:FCX traded down $1.91 during trading on Wednesday, hitting $38.71. 12,493,459 shares of the company were exchanged, compared to its average volume of 12,779,412. The firm's 50 day moving average price is $45.15 and its 200-day moving average price is $45.94. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market capitalization of $55.62 billion, a P/E ratio of 28.26, a PEG ratio of 3.00 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 earnings per share. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.55%. This is a positive change from Freeport-McMoRan's previous quarterly dividend of $0.08. Freeport-McMoRan's payout ratio is presently 21.90%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FCX. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. Finally, UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.92.

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.