Connor Clark & Lunn Investment Management Ltd. Has $22.10 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 125.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 442,636 shares of the natural resource company's stock after acquiring an additional 246,555 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Freeport-McMoRan were worth $22,096,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Morgan Stanley decreased their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, September 19th. Scotiabank decreased their price target on 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 raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. 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 research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Stock Down 0.4 %

Shares of FCX stock traded down $0.18 on Thursday, hitting $43.52. 910,231 shares of the stock were exchanged, compared to its average volume of 12,854,476. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $62.54 billion, a P/E ratio of 31.90, a price-to-earnings-growth ratio of 1.90 and a beta of 1.91. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The business has a 50-day moving average of $46.82 and a 200 day moving average of $47.22.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the company earned $0.39 earnings per share. The firm's revenue was up 16.6% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.69%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.

Freeport-McMoRan 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.