Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Mesirow Financial Investment Management Inc.

Mesirow Financial Investment Management Inc. increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,646 shares of the natural resource company’s stock after acquiring an additional 279 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Freeport-McMoRan were worth $781,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its holdings in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Finally, Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Scotiabank lowered 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. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Morgan Stanley cut their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $44.90 on Tuesday. The company has a market cap of $64.52 billion, a P/E ratio of 32.77, a P/E/G ratio of 1.98 and a beta of 1.91. The firm’s fifty day moving average price is $46.46 and its two-hundred day moving average price is $47.54. 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 Inc. has a one year low of $33.38 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) 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. Equities analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Freeport-McMoRan Company 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.