GFG Capital LLC Purchases 1,919 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

GFG Capital LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,429 shares of the natural resource company’s stock after buying an additional 1,919 shares during the quarter. GFG Capital LLC’s holdings in Freeport-McMoRan were worth $1,269,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Venture Visionary Partners LLC increased its holdings in shares of Freeport-McMoRan by 4.3% in the 3rd quarter. Venture Visionary Partners LLC now owns 12,542 shares of the natural resource company’s stock worth $626,000 after buying an additional 519 shares during the last quarter. Godsey & Gibb Inc. grew its holdings in shares of Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Carrhae Capital LLP bought a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $23,127,000. OLD National Bancorp IN boosted its position in Freeport-McMoRan by 44.3% during the 3rd quarter. OLD National Bancorp IN now owns 9,026 shares of the natural resource company’s stock valued at $451,000 after buying an additional 2,770 shares during the period. Finally, DMC Group LLC lifted its position in Freeport-McMoRan by 15.8% during the 3rd quarter. DMC Group LLC now owns 7,551 shares of the natural resource company’s stock valued at $377,000 after acquiring an additional 1,029 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on FCX shares. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.92.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $47.98 on Tuesday. The business has a 50 day simple moving average of $45.48 and a 200-day simple moving average of $47.87. The stock has a market capitalization of $68.92 billion, a PE ratio of 42.46, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the business posted $0.35 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

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.