Highview Capital Management LLC DE Makes New Investment in Freeport-McMoRan Inc. $FCX

Highview Capital Management LLC DE bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, HoldingsChannel reports. The institutional investor bought 34,192 shares of the natural resource company’s stock, valued at approximately $1,482,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Callan Family Office LLC raised its stake in Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after buying an additional 18,803 shares in the last quarter. New York Life Investment Management LLC boosted its position in Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after purchasing an additional 22,766 shares in the last quarter. Bourgeon Capital Management LLC grew its stake in Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after purchasing an additional 24,803 shares during the last quarter. Mercuria Capital Strategies LLC bought a new position in Freeport-McMoRan in the second quarter worth about $9,970,000. Finally, Financial Sense Advisors Inc. boosted its stake in Freeport-McMoRan by 527.9% in the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock valued at $2,882,000 after acquiring an additional 64,003 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.5%

Shares of FCX opened at $39.97 on Wednesday. The stock has a 50 day moving average price of $41.39 and a 200 day moving average price of $41.84. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock has a market capitalization of $57.39 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the company posted $0.38 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were issued a $0.15 dividend. The ex-dividend date was 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 presently 21.13%.

Analyst Ratings Changes

A number of research analysts have issued reports on FCX shares. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, October 8th. Clarkson Capital reissued a “neutral” rating and set a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. BMO Capital Markets reiterated an “outperform” rating and issued a $47.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $46.78.

About Freeport-McMoRan

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.