CIBC Asset Management Inc Purchases 15,521 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

CIBC Asset Management Inc lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 216,070 shares of the natural resource company's stock after buying an additional 15,521 shares during the quarter. CIBC Asset Management Inc's holdings in Freeport-McMoRan were worth $10,786,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FCX. Kingsview Wealth Management LLC raised its position in shares of Freeport-McMoRan by 4.3% in the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company's stock valued at $247,000 after buying an additional 214 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Freeport-McMoRan by 8.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company's stock valued at $1,365,000 after acquiring an additional 2,342 shares during the period. TIAA Trust National Association grew its holdings in shares of Freeport-McMoRan by 13.7% during the 1st quarter. TIAA Trust National Association now owns 17,401 shares of the natural resource company's stock worth $818,000 after purchasing an additional 2,096 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth $1,472,000. Finally, Jacobi Capital Management LLC increased its position in shares of Freeport-McMoRan by 4.2% in the first quarter. Jacobi Capital Management LLC now owns 14,417 shares of the natural resource company's stock worth $678,000 after purchasing an additional 580 shares during the period. Institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Scotiabank cut their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Tuesday, October 15th. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Freeport-McMoRan Trading Down 1.3 %

NYSE FCX traded down $0.57 on Friday, hitting $42.70. The company's stock had a trading volume of 12,902,502 shares, compared to its average volume of 10,792,205. The company's 50-day moving average is $46.63 and its 200 day moving average is $47.33. The firm has a market cap of $61.35 billion, a PE ratio of 31.17, a PEG ratio of 1.84 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. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The company 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%. Freeport-McMoRan's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. Freeport-McMoRan's dividend payout ratio (DPR) 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.