Quadrature Capital Ltd Sells 375,586 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Quadrature Capital Ltd lessened its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 74.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,023 shares of the natural resource company's stock after selling 375,586 shares during the period. Quadrature Capital Ltd's holdings in Freeport-McMoRan were worth $6,490,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FCX. Quantinno Capital Management LP raised its stake in shares of Freeport-McMoRan by 14.1% during the third quarter. Quantinno Capital Management LP now owns 130,504 shares of the natural resource company's stock valued at $6,515,000 after acquiring an additional 16,166 shares during the last quarter. Quarry LP increased its holdings in Freeport-McMoRan by 1,302.4% in the third quarter. Quarry LP now owns 2,342 shares of the natural resource company's stock valued at $117,000 after purchasing an additional 2,175 shares during the period. Royal London Asset Management Ltd. raised its position in Freeport-McMoRan by 3.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 584,251 shares of the natural resource company's stock worth $29,166,000 after purchasing an additional 18,041 shares during the last quarter. Resurgent Financial Advisors LLC lifted its holdings in Freeport-McMoRan by 10.8% during the 3rd quarter. Resurgent Financial Advisors LLC now owns 24,578 shares of the natural resource company's stock worth $1,227,000 after buying an additional 2,388 shares during the period. Finally, Mountaineer Partners Management LLC grew its position in shares of Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company's stock valued at $595,702,000 after buying an additional 11,687,982 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FCX. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Freeport-McMoRan Stock Down 1.7 %

FCX stock traded down $0.72 during trading on Friday, reaching $42.07. 9,468,947 shares of the stock were exchanged, compared to its average volume of 12,827,864. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The firm's 50 day moving average is $46.27 and its 200 day moving average is $46.53. The firm has a market cap of $60.45 billion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 17.29 and a beta of 1.86.

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. The company had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan's quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.5 EPS for the current 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 issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.71%. Freeport-McMoRan's dividend payout ratio is presently 21.90%.

Freeport-McMoRan 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.