Freeport-McMoRan Inc. (NYSE:FCX) Position Increased by Quantbot Technologies LP

Quantbot Technologies LP lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 325.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,839 shares of the natural resource company’s stock after purchasing an additional 246,182 shares during the quarter. Freeport-McMoRan accounts for approximately 0.8% of Quantbot Technologies LP’s portfolio, making the stock its 5th largest position. Quantbot Technologies LP’s holdings in Freeport-McMoRan were worth $15,641,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Freeport-McMoRan by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock valued at $536,038,000 after purchasing an additional 530,676 shares in the last quarter. Capital Wealth Planning LLC increased its position in shares of Freeport-McMoRan by 34.9% during the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after purchasing an additional 1,538,560 shares during the last quarter. Fairfield Financial Advisors LTD purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $1,901,000. Thompson Siegel & Walmsley LLC bought a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $619,000. Finally, Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the second quarter worth approximately $25,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $42.66 on Monday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a market cap of $61.28 billion, a P/E ratio of 37.75, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The firm’s fifty day simple moving average is $44.29 and its 200 day simple moving average is $47.01.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FCX shares. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank decreased their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Raymond James dropped their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

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.