Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by National Bank of Canada FI

National Bank of Canada FI lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 136.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,635,724 shares of the natural resource company's stock after purchasing an additional 942,701 shares during the period. National Bank of Canada FI owned about 0.11% of Freeport-McMoRan worth $81,655,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its position in 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 valued at $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the second quarter worth $25,000. Matrix Trust Co purchased a new position in Freeport-McMoRan in the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Freeport-McMoRan in the second quarter valued at $27,000. Finally, RFP Financial Group LLC boosted its position in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company's stock worth $29,000 after purchasing an additional 426 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.7 %

NYSE FCX traded down $0.72 during mid-day trading on Friday, reaching $42.07. 9,468,947 shares of the stock were exchanged, compared to its average volume of 11,588,606. The stock has a market capitalization of $60.45 billion, a PE ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86. 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 1-year low of $36.04 and a 1-year high of $55.24. The business's fifty day simple moving average is $46.27 and its 200 day simple moving average is $46.47.

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, topping the consensus estimate 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 return on equity of 7.40% and a net margin of 7.81%. The business's revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal 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 issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 21.90%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FCX shares. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley reduced 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. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Scotiabank cut their price target on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased 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. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $53.92.

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.