Malaga Cove Capital LLC Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Malaga Cove Capital LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 26.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 45,900 shares of the natural resource company’s stock after purchasing an additional 9,515 shares during the quarter. Malaga Cove Capital LLC’s holdings in Freeport-McMoRan were worth $2,291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Duality Advisers LP grew its position in shares of Freeport-McMoRan by 52.7% during the first quarter. Duality Advisers LP now owns 46,221 shares of the natural resource company’s stock worth $2,173,000 after purchasing an additional 15,949 shares in the last quarter. Empirical Finance LLC boosted its stake in Freeport-McMoRan by 3.5% in the 1st quarter. Empirical Finance LLC now owns 51,802 shares of the natural resource company’s stock worth $2,436,000 after purchasing an additional 1,748 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after buying an additional 203 shares in the last quarter. Quantbot Technologies LP raised its position in shares of Freeport-McMoRan by 9.4% during the first quarter. Quantbot Technologies LP now owns 75,657 shares of the natural resource company’s stock valued at $3,557,000 after buying an additional 6,503 shares during the last quarter. Finally, Stokes Family Office LLC lifted its holdings in shares of Freeport-McMoRan by 84.4% in the first quarter. Stokes Family Office LLC now owns 10,677 shares of the natural resource company’s stock worth $502,000 after buying an additional 4,887 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 0.3 %

Shares of FCX opened at $46.87 on Thursday. The company’s fifty day simple moving average is $46.31 and its 200-day simple moving average is $47.59. The company has a market cap of $67.35 billion, a P/E ratio of 34.21, a P/E/G ratio of 1.98 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the company posted $0.39 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analysts Set New Price Targets

Several research firms recently weighed in on FCX. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six equities research 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan 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.