GSA Capital Partners LLP Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

GSA Capital Partners LLP grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 115.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,618 shares of the natural resource company’s stock after purchasing an additional 38,901 shares during the period. Freeport-McMoRan makes up 0.3% of GSA Capital Partners LLP’s portfolio, making the stock its 18th biggest holding. GSA Capital Partners LLP’s holdings in Freeport-McMoRan were worth $3,625,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FCX. Capital Research Global Investors grew its position in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Capital International Investors purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $417,752,000. Capital World Investors grew its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $197,966,000. Finally, Swedbank AB purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $162,464,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $44.90 on Tuesday. The company has a market capitalization of $64.52 billion, a PE ratio of 32.77, a P/E/G ratio of 1.98 and a beta of 1.91. The firm has a fifty day simple moving average of $46.46 and a two-hundred day simple moving average of $47.54. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $33.38 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.