Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Metis Global Partners LLC

Metis Global Partners LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 21.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,681 shares of the natural resource company's stock after acquiring an additional 21,975 shares during the period. Metis Global Partners LLC's holdings in Freeport-McMoRan were worth $6,124,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Avantax Advisory Services Inc. grew its position in Freeport-McMoRan by 22.7% in the first quarter. Avantax Advisory Services Inc. now owns 54,730 shares of the natural resource company's stock valued at $2,573,000 after acquiring an additional 10,135 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Freeport-McMoRan by 479.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company's stock valued at $13,293,000 after purchasing an additional 233,955 shares during the last quarter. SageView Advisory Group LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $770,000. HBK Sorce Advisory LLC increased its position in shares of Freeport-McMoRan by 14.4% in the 1st quarter. HBK Sorce Advisory LLC now owns 9,748 shares of the natural resource company's stock valued at $458,000 after buying an additional 1,228 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company's stock valued at $247,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent research reports. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Scotiabank lowered their target price on 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 reissued a "sector perform" rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Six investment 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 company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.14 on Thursday, reaching $43.26. The company's stock had a trading volume of 11,904,294 shares, compared to its average volume of 12,931,717. The stock's 50 day simple moving average is $46.54 and its two-hundred day simple moving average is $47.46. 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 Inc. has a 12-month low of $35.29 and a 12-month high of $55.24. The stock has a market capitalization of $62.16 billion, a P/E ratio of 31.48, a PEG ratio of 1.88 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the company posted $0.39 EPS. Freeport-McMoRan's quarterly revenue was up 16.6% on a year-over-year basis. Research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan's dividend payout ratio is currently 21.90%.

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.