Freeport-McMoRan Inc. (NYSE:FCX) Position Raised by GSA Capital Partners LLP

GSA Capital Partners LLP boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 115.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 72,618 shares of the natural resource company's stock after purchasing an additional 38,901 shares during the quarter. Freeport-McMoRan comprises about 0.3% of GSA Capital Partners LLP's holdings, making the stock its 18th largest position. GSA Capital Partners LLP's holdings in Freeport-McMoRan were worth $3,625,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. increased its stake in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock worth $25,000 after acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co acquired a new position in Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $26,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FCX. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

FCX traded down $1.30 during trading on Tuesday, reaching $43.60. 17,747,121 shares of the company were exchanged, compared to its average volume of 12,940,654. Freeport-McMoRan Inc. has a 52 week low of $33.38 and a 52 week high of $55.24. 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 50 day moving average of $46.46 and a 200 day moving average of $47.54. The stock has a market cap of $62.65 billion, a P/E ratio of 31.75, a PEG ratio of 1.98 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 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.