Townsquare Capital LLC Buys 27,532 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Townsquare Capital LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 16.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 192,163 shares of the natural resource company’s stock after acquiring an additional 27,532 shares during the period. Townsquare Capital LLC’s holdings in Freeport-McMoRan were worth $9,593,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Matrix Trust Co bought a new stake in Freeport-McMoRan in the 3rd quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $25,000. Hazlett Burt & Watson Inc. increased its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the last quarter. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $26,000. Finally, LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $26,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.75 on Thursday. The stock has a market cap of $62.87 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth ratio of 1.92 and a beta of 1.91. 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 Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The firm has a 50-day moving average of $46.91 and a two-hundred day moving average of $46.99.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 EPS. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current 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 issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FCX. 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 report on Thursday, September 19th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank reduced 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. 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 equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.