Stifel Financial Corp Buys 25,514 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Stifel Financial Corp increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,392,918 shares of the natural resource company's stock after buying an additional 25,514 shares during the quarter. Stifel Financial Corp owned 0.10% of Freeport-McMoRan worth $69,534,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in FCX. Systematic Financial Management LP increased its position in Freeport-McMoRan by 14.7% during the 3rd quarter. Systematic Financial Management LP now owns 13,130 shares of the natural resource company's stock valued at $655,000 after purchasing an additional 1,680 shares during the period. Safe Harbor Fiduciary LLC purchased a new position in Freeport-McMoRan during the 3rd quarter valued at $319,000. Quantinno Capital Management LP increased its position in Freeport-McMoRan by 14.1% during the 3rd quarter. Quantinno Capital Management LP now owns 130,504 shares of the natural resource company's stock valued at $6,515,000 after purchasing an additional 16,166 shares during the period. Quarry LP increased its position in Freeport-McMoRan by 1,302.4% during the 3rd 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. Finally, Royal London Asset Management Ltd. increased 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 valued at $29,166,000 after purchasing an additional 18,041 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.7 %

Freeport-McMoRan stock traded down $0.72 during mid-day trading on Friday, reaching $42.07. The stock had a trading volume of 9,468,947 shares, compared to its average volume of 11,588,606. The company has a market capitalization of $60.45 billion, a price-to-earnings ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86. The company has a 50-day moving average price of $46.27 and a two-hundred day moving average price of $46.53. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. 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 (NYSE:FCX - Get Free Report) last announced its quarterly 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 net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. On average, analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCX. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Freeport-McMoRan has a consensus 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.