Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Increased by X Square Capital LLC

X Square Capital LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 10,506 shares of the natural resource company’s stock after purchasing an additional 1,268 shares during the period. X Square Capital LLC’s holdings in Freeport-McMoRan were worth $524,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its position in Freeport-McMoRan by 5,249.5% during the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after acquiring an additional 1,316,261 shares in the last quarter. Lake Street Private Wealth LLC raised its position in Freeport-McMoRan by 1.9% during the third quarter. Lake Street Private Wealth LLC now owns 60,020 shares of the natural resource company’s stock valued at $2,996,000 after acquiring an additional 1,118 shares in the last quarter. Guidance Capital Inc. raised its position in Freeport-McMoRan by 4.9% during the third quarter. Guidance Capital Inc. now owns 16,150 shares of the natural resource company’s stock valued at $778,000 after acquiring an additional 750 shares in the last quarter. Greenleaf Trust raised its position in Freeport-McMoRan by 1.6% during the third quarter. Greenleaf Trust now owns 25,414 shares of the natural resource company’s stock valued at $1,269,000 after acquiring an additional 409 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its position in Freeport-McMoRan by 38.4% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 8,314 shares of the natural resource company’s stock valued at $416,000 after acquiring an additional 2,307 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.3 %

Shares of Freeport-McMoRan stock opened at $47.92 on Thursday. The company’s fifty day simple moving average is $45.86 and its 200-day simple moving average is $47.86. The company has a market cap of $68.84 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 2.03 and a beta of 1.90. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.63%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.