Quantinno Capital Management LP Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

Quantinno Capital Management LP grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 130,504 shares of the natural resource company’s stock after purchasing an additional 16,166 shares during the quarter. Quantinno Capital Management LP’s holdings in Freeport-McMoRan were worth $6,515,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Quarry LP lifted its stake in shares of Freeport-McMoRan by 1,302.4% during the 3rd quarter. Quarry LP now owns 2,342 shares of the natural resource company’s stock worth $117,000 after purchasing an additional 2,175 shares during the period. Royal London Asset Management Ltd. lifted its stake in shares of Freeport-McMoRan by 3.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 584,251 shares of the natural resource company’s stock worth $29,166,000 after purchasing an additional 18,041 shares during the period. Resurgent Financial Advisors LLC lifted its stake in shares of Freeport-McMoRan by 10.8% during the 3rd quarter. Resurgent Financial Advisors LLC now owns 24,578 shares of the natural resource company’s stock worth $1,227,000 after purchasing an additional 2,388 shares during the period. Mountaineer Partners Management LLC lifted its stake in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the period. Finally, IHT Wealth Management LLC increased its holdings in shares of Freeport-McMoRan by 18.9% during the 3rd quarter. IHT Wealth Management LLC now owns 38,583 shares of the natural resource company’s stock worth $1,930,000 after buying an additional 6,124 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $42.07 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a 50-day moving average of $46.27 and a two-hundred day moving average of $46.53. The stock has a market cap of $60.45 billion, a P/E ratio of 30.71, a PEG ratio of 17.29 and a beta of 1.86. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.71%. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analysts Set New Price Targets

A number of research firms have recently commented on FCX. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. UBS Group upgraded 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 report on Wednesday, September 4th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.92.

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.