Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Holocene Advisors LP

Holocene Advisors LP boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 23.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,222,580 shares of the natural resource company’s stock after purchasing an additional 424,718 shares during the quarter. Holocene Advisors LP owned approximately 0.15% of Freeport-McMoRan worth $110,951,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Hazlett Burt & Watson Inc. increased its stake in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $25,000. Matrix Trust Co acquired a new position in Freeport-McMoRan in the 3rd quarter valued at about $25,000. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan during the second quarter worth about $26,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth about $27,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented 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. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research 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 for the company in a report on Wednesday, October 23rd. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Price Performance

FCX opened at $44.15 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The company has a 50-day moving average of $46.87 and a 200-day moving average of $46.80. The company has a market capitalization of $63.44 billion, a P/E ratio of 32.26, a PEG ratio of 17.44 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm 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 revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company 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 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

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.