Metis Global Partners LLC Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Metis Global Partners LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 122,681 shares of the natural resource company’s stock after acquiring an additional 21,975 shares during the quarter. Metis Global Partners LLC’s holdings in Freeport-McMoRan were worth $6,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Avantax Advisory Services Inc. raised its stake in shares of Freeport-McMoRan by 22.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 54,730 shares of the natural resource company’s stock valued at $2,573,000 after buying an additional 10,135 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Freeport-McMoRan by 479.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company’s stock worth $13,293,000 after acquiring an additional 233,955 shares during the period. SageView Advisory Group LLC purchased a new position in Freeport-McMoRan during the first quarter valued at approximately $770,000. HBK Sorce Advisory LLC lifted its holdings in Freeport-McMoRan by 14.4% in the first quarter. HBK Sorce Advisory LLC now owns 9,748 shares of the natural resource company’s stock valued at $458,000 after acquiring an additional 1,228 shares during the period. Finally, Kingsview Wealth Management LLC boosted its position in Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.2 %

Shares of FCX stock opened at $43.20 on Thursday. The firm has a market capitalization of $62.07 billion, a PE ratio of 31.48, a P/E/G ratio of 1.88 and a beta of 1.91. Freeport-McMoRan Inc. has a 1-year low of $35.29 and a 1-year high of $55.24. The business’s fifty day moving average price is $46.54 and its 200 day moving average price is $47.46. 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 (NYSE:FCX) last released 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 for the quarter, compared to analyst estimates 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 earned $0.39 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analysts Set New Price Targets

Several research firms recently issued reports on FCX. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.