Fisher Asset Management LLC Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,409,395 shares of the natural resource company's stock after buying an additional 1,392,494 shares during the quarter. Freeport-McMoRan accounts for approximately 1.2% of Fisher Asset Management LLC's portfolio, making the stock its 23rd largest holding. Fisher Asset Management LLC owned about 4.13% of Freeport-McMoRan worth $2,965,717,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in Freeport-McMoRan by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company's stock worth $536,038,000 after purchasing an additional 530,676 shares during the period. Legal & General Group Plc raised its holdings in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company's stock valued at $502,675,000 after buying an additional 56,499 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Freeport-McMoRan by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company's stock valued at $410,494,000 after buying an additional 127,251 shares during the period. Capital Wealth Planning LLC grew its holdings in Freeport-McMoRan by 34.9% in the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company's stock worth $288,833,000 after acquiring an additional 1,538,560 shares during the last quarter. Finally, Boston Partners increased its position in shares of Freeport-McMoRan by 4.3% in the first quarter. Boston Partners now owns 5,579,145 shares of the natural resource company's stock valued at $262,377,000 after acquiring an additional 227,515 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

FCX has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley reduced their target price on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Finally, Scotiabank reduced their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research report on Wednesday, October 23rd. Six equities research 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Freeport-McMoRan Stock Up 1.6 %

NYSE:FCX traded up $0.68 during trading hours on Monday, reaching $44.40. 13,284,543 shares of the company traded hands, compared to its average volume of 12,874,850. 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 business's 50-day moving average price is $46.90 and its two-hundred day moving average price is $47.05. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The stock has a market capitalization of $63.80 billion, a P/E ratio of 32.41, a P/E/G ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (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 during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. Freeport-McMoRan's quarterly revenue was up 16.6% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.51 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 was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. Freeport-McMoRan's dividend payout ratio is presently 21.90%.

About Freeport-McMoRan

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.