StoneX Group Inc. Invests $1.14 Million in Freeport-McMoRan Inc. (NYSE:FCX)

StoneX Group Inc. acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 22,866 shares of the natural resource company's stock, valued at approximately $1,141,000.

Several other large investors have also recently bought and sold shares of the company. Easterly Investment Partners LLC increased its stake in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock worth $7,375,000 after purchasing an additional 85,542 shares in the last quarter. Summit Global Investments increased its position in shares of Freeport-McMoRan by 1,559.3% during the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock worth $3,819,000 after acquiring an additional 71,883 shares in the last quarter. AIA Group Ltd lifted its position in Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock valued at $4,604,000 after acquiring an additional 12,887 shares in the last quarter. NorthCrest Asset Manangement LLC increased its holdings in Freeport-McMoRan by 33.3% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company's stock worth $21,572,000 after purchasing an additional 107,852 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company's stock worth $10,393,000 after purchasing an additional 35,972 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Morgan Stanley dropped their price objective 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. Finally, 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 research note 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $0.68 during midday trading on Monday, hitting $44.40. The stock had a trading volume of 13,284,543 shares, compared to its average volume of 12,874,850. The company's 50-day moving average price is $46.90 and its 200-day moving average price is $47.05. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $63.80 billion, a P/E ratio of 32.41, a price-to-earnings-growth ratio of 1.89 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. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate 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 was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.51 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. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Tuesday, October 15th. 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.