Summit Global Investments Has $3.82 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Summit Global Investments increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1,559.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,493 shares of the natural resource company's stock after acquiring an additional 71,883 shares during the quarter. Summit Global Investments' holdings in Freeport-McMoRan were worth $3,819,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Deane Retirement Strategies Inc. lifted its stake in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company's stock valued at $2,357,000 after purchasing an additional 201 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company's stock worth $3,012,000 after purchasing an additional 203 shares during the period. Kingsview Wealth Management LLC grew its position in shares of Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company's stock worth $247,000 after acquiring an additional 214 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in shares of Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company's stock valued at $1,037,000 after purchasing an additional 214 shares during the period. Finally, Trust Co. of Vermont raised its stake in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company's stock valued at $228,000 after acquiring an additional 228 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded down $2.50 on Friday, reaching $46.08. The stock had a trading volume of 10,989,495 shares, compared to its average volume of 12,893,940. The firm's 50-day moving average is $46.41 and its two-hundred day moving average is $47.60. The firm has a market capitalization of $66.21 billion, a price-to-earnings ratio of 35.46, a P/E/G ratio of 1.98 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

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 for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The company's revenue was up 16.6% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm 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. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.65%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reissued a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank lowered 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 research report on Wednesday, October 23rd. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Finally, Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.00.

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.