Malaga Cove Capital LLC Acquires 9,515 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Malaga Cove Capital LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,900 shares of the natural resource company’s stock after acquiring an additional 9,515 shares during the period. Malaga Cove Capital LLC’s holdings in Freeport-McMoRan were worth $2,291,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Duality Advisers LP grew its stake in shares of Freeport-McMoRan by 52.7% in the 1st quarter. Duality Advisers LP now owns 46,221 shares of the natural resource company’s stock worth $2,173,000 after buying an additional 15,949 shares during the last quarter. Empirical Finance LLC increased its holdings in shares of Freeport-McMoRan by 3.5% during the first quarter. Empirical Finance LLC now owns 51,802 shares of the natural resource company’s stock valued at $2,436,000 after acquiring an additional 1,748 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Freeport-McMoRan by 0.3% in 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 last quarter. Quantbot Technologies LP boosted its stake in Freeport-McMoRan by 9.4% in the 1st quarter. Quantbot Technologies LP now owns 75,657 shares of the natural resource company’s stock worth $3,557,000 after purchasing an additional 6,503 shares in the last quarter. Finally, Stokes Family Office LLC grew its position in Freeport-McMoRan by 84.4% during the 1st quarter. Stokes Family Office LLC now owns 10,677 shares of the natural resource company’s stock valued at $502,000 after purchasing an additional 4,887 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank cut 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. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Price Performance

NYSE FCX opened at $46.87 on Thursday. 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 firm has a market capitalization of $67.35 billion, a P/E ratio of 34.21, a PEG ratio of 1.98 and a beta of 1.91. The company has a 50-day moving average price of $46.31 and a 200-day moving average price of $47.59. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping 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 business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the firm earned $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared 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 0.64%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 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.