Atom Investors LP Acquires Shares of 8,796 Freeport-McMoRan Inc. (NYSE:FCX)

Atom Investors LP acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,796 shares of the natural resource company’s stock, valued at approximately $439,000.

Several other institutional investors have also bought and sold shares of FCX. Hazlett Burt & Watson Inc. lifted its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the second quarter valued at $25,000. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at $27,000. Finally, RFP Financial Group LLC raised its stake in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 426 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley reduced 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 note on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Down 1.8 %

NYSE FCX opened at $43.04 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $61.84 billion, a price-to-earnings ratio of 31.73, a price-to-earnings-growth ratio of 17.22 and a beta of 1.86. The company’s 50-day simple moving average is $46.75 and its two-hundred day simple moving average is $46.67. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for 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 for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal 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 $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio 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.