Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Beaconlight Capital LLC

Beaconlight Capital LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 73.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 207,089 shares of the natural resource company’s stock after purchasing an additional 87,504 shares during the quarter. Freeport-McMoRan comprises about 4.2% of Beaconlight Capital LLC’s holdings, making the stock its 9th biggest holding. Beaconlight Capital LLC’s holdings in Freeport-McMoRan were worth $10,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Freeport-McMoRan by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock worth $536,038,000 after acquiring an additional 530,676 shares during the period. Legal & General Group Plc raised its stake in shares of Freeport-McMoRan by 0.5% in the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after acquiring an additional 56,499 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Freeport-McMoRan by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after acquiring an additional 127,251 shares in the last quarter. Finally, Capital Wealth Planning LLC boosted its holdings in Freeport-McMoRan by 34.9% in the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after purchasing an additional 1,538,560 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded up $0.47 on Wednesday, reaching $43.95. 304,307 shares of the stock were exchanged, compared to its average volume of 12,814,354. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $63.15 billion, a PE ratio of 31.74, a PEG ratio of 1.92 and a beta of 1.91. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The business has a fifty day moving average price of $46.90 and a two-hundred day moving average price of $47.05.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 7.40% and a net margin of 7.81%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FCX. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. 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 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.