Easterly Investment Partners LLC Has $7.38 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Easterly Investment Partners LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 137.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 147,735 shares of the natural resource company's stock after buying an additional 85,542 shares during the period. Easterly Investment Partners LLC's holdings in Freeport-McMoRan were worth $7,375,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FCX. Summit Global Investments lifted its holdings in shares of Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock worth $3,819,000 after purchasing an additional 71,883 shares during the last quarter. AIA Group Ltd lifted its holdings in shares of Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock worth $4,604,000 after purchasing an additional 12,887 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Freeport-McMoRan by 33.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company's stock worth $21,572,000 after purchasing an additional 107,852 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Freeport-McMoRan by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company's stock worth $10,393,000 after purchasing an additional 35,972 shares during the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company's stock worth $6,591,000 after purchasing an additional 25,214 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX stock traded down $2.21 during mid-day trading on Friday, hitting $46.37. 16,180,174 shares of the stock traded hands, compared to its average volume of 12,917,850. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a market cap of $66.62 billion, a price-to-earnings ratio of 33.84, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91. The company's 50-day simple moving average is $46.41 and its 200-day simple moving average is $47.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its 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. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same period in the previous year, the firm posted $0.39 EPS. The company's quarterly revenue was up 16.6% on a year-over-year basis. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current 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 $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.65%. Freeport-McMoRan's dividend payout ratio (DPR) is 21.90%.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. Royal Bank of Canada reissued a "sector perform" rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank cut their price target on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Finally, Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.00.

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.