Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Versant Capital Management Inc

Versant Capital Management Inc grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 194.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,042 shares of the natural resource company’s stock after purchasing an additional 688 shares during the quarter. Versant Capital Management Inc’s holdings in Freeport-McMoRan were worth $40,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Deane Retirement Strategies Inc. boosted its position in Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares during the last quarter. Koshinski Asset Management Inc. boosted its holdings in shares of Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares during the last quarter. Trust Co. of Vermont grew its position in shares of Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC increased its stake in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC lifted its position in Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after buying an additional 234 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. 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. Finally, Jefferies Financial Group reduced their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.15.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $38.55 on Tuesday. The business’s 50-day simple moving average is $42.48 and its 200 day simple moving average is $44.89. The company has a market cap of $55.39 billion, a P/E ratio of 28.14, a PEG ratio of 3.00 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for 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 business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. This represents a $0.60 annualized dividend and a dividend yield of 1.56%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.