StoneX Group Inc. Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

StoneX Group Inc. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 22,866 shares of the natural resource company’s stock, valued at approximately $1,141,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mount Yale Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $277,000. Oxford Wealth Group LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $796,000. California State Teachers Retirement System boosted its holdings in shares of Freeport-McMoRan by 3.4% during the 1st quarter. California State Teachers Retirement System now owns 2,599,705 shares of the natural resource company’s stock valued at $122,238,000 after acquiring an additional 84,350 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Freeport-McMoRan by 42.1% during the 1st quarter. Tidal Investments LLC now owns 142,639 shares of the natural resource company’s stock valued at $6,701,000 after acquiring an additional 42,267 shares in the last quarter. Finally, Castleark Management LLC grew its position in Freeport-McMoRan by 1,577.6% during the 1st quarter. Castleark Management LLC now owns 152,830 shares of the natural resource company’s stock worth $7,186,000 after acquiring an additional 143,720 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on FCX shares. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank decreased their price target 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, October 23rd. UBS Group upgraded shares of 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 report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 0.1 %

Shares of Freeport-McMoRan stock opened at $43.72 on Monday. The stock’s 50-day moving average is $46.87 and its 200 day moving average is $47.10. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The firm has a market cap of $62.82 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.89 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

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 firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

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.