Summit Global Investments Purchases 71,883 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Summit Global Investments increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1,559.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 76,493 shares of the natural resource company’s stock after purchasing an additional 71,883 shares during the period. Summit Global Investments’ holdings in Freeport-McMoRan were worth $3,819,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. boosted its position in shares of Freeport-McMoRan by 1,170.7% during the second 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 during the period. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the 2nd quarter valued at $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan in the 3rd quarter valued at $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan in the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the second quarter worth $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 3.6 %

Shares of FCX stock opened at $48.58 on Friday. The stock’s fifty day moving average price is $46.41 and its 200 day moving average price is $47.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a market cap of $69.80 billion, a price-to-earnings ratio of 35.46, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The business 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%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.39 earnings per share. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Analysts Set New Price Targets

A number of research analysts have recently commented on FCX shares. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank dropped their target price on shares of 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 lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Finally, JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.