Engineers Gate Manager LP grew its stake in Freeport-McMoRan Inc (NYSE:FCX) by 360.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,456 shares of the natural resource company’s stock after buying an additional 65,348 shares during the period. Engineers Gate Manager LP’s holdings in Freeport-McMoRan were worth $1,162,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of FCX. Kaizen Advisory LLC boosted its position in shares of Freeport-McMoRan by 2,257.8% during the 3rd quarter. Kaizen Advisory LLC now owns 77,712 shares of the natural resource company’s stock valued at $1,082,000 after purchasing an additional 74,416 shares in the last quarter. Signition LP bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $199,000. State Board of Administration of Florida Retirement System boosted its position in shares of Freeport-McMoRan by 0.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 2,002,651 shares of the natural resource company’s stock valued at $27,877,000 after purchasing an additional 6,404 shares in the last quarter. Moody National Bank Trust Division boosted its position in shares of Freeport-McMoRan by 99.2% during the 3rd quarter. Moody National Bank Trust Division now owns 27,207 shares of the natural resource company’s stock valued at $379,000 after purchasing an additional 13,550 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Freeport-McMoRan by 552.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,350,345 shares of the natural resource company’s stock valued at $18,797,000 after purchasing an additional 1,143,516 shares in the last quarter. 73.10% of the stock is owned by institutional investors.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the transaction, the director now owns 152,133 shares in the company, valued at $1,696,282.95. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.
Shares of NYSE:FCX opened at $11.35 on Friday. The company has a market capitalization of $17.68 billion, a price-to-earnings ratio of 9.70 and a beta of 2.40. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.78 and a current ratio of 2.84. Freeport-McMoRan Inc has a 52-week low of $10.59 and a 52-week high of $20.25.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc will post 1.66 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 annualized dividend and a yield of 1.76%. Freeport-McMoRan’s payout ratio is currently 17.09%.
Several brokerages recently commented on FCX. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Thursday. Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 target price on the stock. in a research report on Tuesday. They noted that the move was a valuation call. B. Riley cut their target price on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, October 25th. BMO Capital Markets set a $13.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a research report on Thursday, October 25th. Finally, Raymond James set a $16.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 24th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. Freeport-McMoRan currently has an average rating of “Hold” and a consensus target price of $16.67.
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Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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