Freeport-McMoRan Inc. (NYSE:FCX) is Hodges Capital Management Inc.'s 10th Largest Position

Hodges Capital Management Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 619,528 shares of the natural resource company's stock after purchasing an additional 12,921 shares during the period. Freeport-McMoRan comprises about 2.0% of Hodges Capital Management Inc.'s portfolio, making the stock its 10th largest holding. Hodges Capital Management Inc.'s holdings in Freeport-McMoRan were worth $30,927,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company's stock worth $2,965,717,000 after buying an additional 1,392,494 shares during the period. Mountaineer Partners Management LLC raised its position in Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company's stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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. Legal & General Group Plc grew its position in shares of Freeport-McMoRan by 0.5% in the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company's stock valued at $502,675,000 after purchasing an additional 56,499 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Freeport-McMoRan by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company's stock valued at $410,494,000 after purchasing an additional 127,251 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 1.7 %

Shares of NYSE FCX traded down $0.72 during midday trading on Friday, reaching $42.07. 9,468,947 shares of the stock were exchanged, compared to its average volume of 11,588,606. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The stock has a market capitalization of $60.45 billion, a P/E ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86. The company has a 50 day simple moving average of $46.27 and a 200 day simple moving average of $46.44. 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 quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan's revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.71%. Freeport-McMoRan's dividend payout ratio is currently 21.90%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley lowered 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. 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 research note on Tuesday, October 15th. Finally, 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 note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $53.92.

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.