Metis Global Partners LLC Buys 21,975 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Metis Global Partners LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,681 shares of the natural resource company’s stock after acquiring an additional 21,975 shares during the period. Metis Global Partners LLC’s holdings in Freeport-McMoRan were worth $6,124,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank reduced their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $43.20 on Thursday. 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 stock has a 50-day moving average price of $46.54 and a 200 day moving average price of $47.46. Freeport-McMoRan Inc. has a 12-month low of $35.29 and a 12-month high of $55.24. The stock has a market capitalization of $62.07 billion, a P/E ratio of 31.48, a P/E/G ratio of 1.88 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given 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 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.