Qsemble Capital Management LP Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Qsemble Capital Management LP lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,296 shares of the natural resource company’s stock after buying an additional 1,881 shares during the quarter. Qsemble Capital Management LP’s holdings in Freeport-McMoRan were worth $4,008,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the third quarter worth $25,000. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan during the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. grew its stake in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX traded up $0.54 during trading on Monday, reaching $44.26. 2,610,591 shares of the company were exchanged, compared to its average volume of 12,825,724. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The stock has a market cap of $63.60 billion, a P/E ratio of 31.91, a PEG ratio of 1.89 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. The firm has a 50 day moving average of $46.87 and a 200 day moving average of $47.10.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analysts Set New Price Targets

FCX has been the topic of a number of research analyst reports. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Scotiabank decreased their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted 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. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.