Empowered Funds LLC Raises Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Empowered Funds LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 404.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,242 shares of the natural resource company’s stock after buying an additional 166,975 shares during the period. Empowered Funds LLC’s holdings in Freeport-McMoRan were worth $10,395,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth $25,000. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the last quarter. Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the second quarter valued at $26,000. Finally, LRI Investments LLC acquired a new position in Freeport-McMoRan in the first quarter valued at $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $42.69 on Friday. The business has a 50 day moving average price of $46.63 and a 200 day moving average price of $47.37. 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 company has a market capitalization of $61.34 billion, a P/E ratio of 31.16, a PEG ratio of 1.86 and a beta of 1.91. Freeport-McMoRan Inc. has a 1-year low of $35.29 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping 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 return on equity of 7.40% and a net margin of 7.81%. The business’s revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $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 firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley decreased their price target 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 shares of 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. 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 research note on Wednesday, September 4th. Finally, 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 report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $54.00.

About Freeport-McMoRan

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.