Quantbot Technologies LP Has $15.64 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Quantbot Technologies LP boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 325.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 321,839 shares of the natural resource company’s stock after acquiring an additional 246,182 shares during the period. Freeport-McMoRan accounts for about 0.8% of Quantbot Technologies LP’s investment portfolio, making the stock its 5th largest holding. Quantbot Technologies LP’s holdings in Freeport-McMoRan were worth $15,641,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Hazlett Burt & Watson Inc. boosted its position 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 purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new position in Freeport-McMoRan during the second quarter valued at $25,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter worth $26,000. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the second quarter worth $26,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Royal Bank of Canada reiterated 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 raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $42.66 on Monday. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The firm has a market capitalization of $61.28 billion, a price-to-earnings ratio of 37.75, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $44.29 and a 200 day moving average of $47.01.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.41%. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.