Townsquare Capital LLC Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Townsquare Capital LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 16.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 192,163 shares of the natural resource company’s stock after buying an additional 27,532 shares during the quarter. Townsquare Capital LLC’s holdings in Freeport-McMoRan were worth $9,593,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in FCX. Los Angeles Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 423.5% during the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after buying an additional 2,255,529 shares during the last quarter. 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 worth $288,833,000 after purchasing an additional 1,538,560 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Freeport-McMoRan by 5,249.5% in the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after purchasing an additional 1,316,261 shares during the last quarter. Finally, Wulff Hansen & CO. boosted its holdings in Freeport-McMoRan by 4,760.0% in the second quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock worth $58,234,000 after purchasing an additional 1,173,578 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FCX. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a 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 on the stock in a report on Wednesday, October 23rd. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six investment 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Up 0.6 %

Shares of FCX stock opened at $43.75 on Thursday. The company has a market capitalization of $62.87 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 1.92 and a beta of 1.91. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The company’s fifty day moving average price is $46.91 and its 200-day moving average price is $46.99. 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 (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 firm 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 was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s payout ratio is 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.