AIA Group Ltd Boosts Position in Freeport-McMoRan Inc. (NYSE:FCX)

AIA Group Ltd raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 92,224 shares of the natural resource company's stock after buying an additional 12,887 shares during the quarter. AIA Group Ltd's holdings in Freeport-McMoRan were worth $4,604,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

FCX has been the subject of a number of research reports. Morgan Stanley decreased 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. Royal Bank of Canada reiterated a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 4.6 %

Shares of NYSE:FCX traded down $2.22 during midday trading on Friday, hitting $46.36. 15,762,495 shares of the stock were exchanged, compared to its average volume of 12,915,936. The business's 50-day moving average price is $46.41 and its 200 day moving average price is $47.60. The stock has a market capitalization of $66.61 billion, a price-to-earnings ratio of 35.46, a P/E/G ratio of 1.98 and a beta of 1.91. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. 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 (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 EPS. The business's quarterly revenue was up 16.6% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.65%. 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.