Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by X Square Capital LLC

X Square Capital LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 13.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,506 shares of the natural resource company’s stock after acquiring an additional 1,268 shares during the period. X Square Capital LLC’s holdings in Freeport-McMoRan were worth $524,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Capital Research Global Investors grew its position in Freeport-McMoRan by 22.0% in 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 buying an additional 13,143,562 shares in the last quarter. Capital International Investors bought a new position in Freeport-McMoRan in the 1st quarter valued at about $417,752,000. Capital World Investors grew its position in Freeport-McMoRan by 40.9% in 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 buying an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd bought a new position in Freeport-McMoRan in the 1st quarter valued at about $197,966,000. Finally, Swedbank AB bought a new position in Freeport-McMoRan in the 1st quarter valued at about $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $47.92 on Thursday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a 50-day moving average of $45.86 and a two-hundred day moving average of $47.86. The stock has a market cap of $68.84 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FCX shares. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank reduced 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 research report on Wednesday. Morgan Stanley reduced their price objective 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. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.