Freeport-McMoRan Inc. (NYSE:FCX) Stake Increased by Qsemble Capital Management LP

Qsemble Capital Management LP increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. lifted its position 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 buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the second quarter worth approximately $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth about $26,000. Finally, Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on FCX shares. Scotiabank dropped their price target 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 cut their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. 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 research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Trading Up 1.2 %

Shares of NYSE:FCX traded up $0.54 during mid-day trading on Monday, reaching $44.26. The stock had a trading volume of 2,610,591 shares, compared to its average volume of 12,825,724. The firm has a 50 day simple moving average of $46.87 and a two-hundred day simple moving average of $47.10. 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 market cap of $63.60 billion, a PE ratio of 31.91, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced 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. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the company posted $0.39 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors 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 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Freeport-McMoRan Company 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.