Royal London Asset Management Ltd. Buys 18,041 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Royal London Asset Management Ltd. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 584,251 shares of the natural resource company's stock after buying an additional 18,041 shares during the period. Royal London Asset Management Ltd.'s holdings in Freeport-McMoRan were worth $29,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Resurgent Financial Advisors LLC raised its stake in Freeport-McMoRan by 10.8% in the 3rd quarter. Resurgent Financial Advisors LLC now owns 24,578 shares of the natural resource company's stock worth $1,227,000 after purchasing an additional 2,388 shares in the last quarter. Mountaineer Partners Management LLC increased its holdings in shares of Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company's stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the period. IHT Wealth Management LLC raised its position in shares of Freeport-McMoRan by 18.9% in the third quarter. IHT Wealth Management LLC now owns 38,583 shares of the natural resource company's stock valued at $1,930,000 after buying an additional 6,124 shares in the last quarter. Intrepid Capital Management Inc. raised its position in shares of Freeport-McMoRan by 14.8% in the third quarter. Intrepid Capital Management Inc. now owns 40,924 shares of the natural resource company's stock valued at $2,043,000 after buying an additional 5,280 shares in the last quarter. Finally, Investment Management Corp of Ontario boosted its stake in shares of Freeport-McMoRan by 49.6% in the third quarter. Investment Management Corp of Ontario now owns 47,663 shares of the natural resource company's stock valued at $2,379,000 after buying an additional 15,800 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded down $0.72 during trading on Friday, hitting $42.07. 9,468,947 shares of the company were exchanged, compared to its average volume of 11,588,606. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The company has a market capitalization of $60.45 billion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 16.98 and a beta of 1.86. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business's 50 day moving average is $46.27 and its 200-day moving average is $46.53.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The business's revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors 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 0.71%. Freeport-McMoRan's dividend payout ratio is presently 21.90%.

Analyst Ratings Changes

Several equities analysts have weighed in on FCX shares. Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a report on Wednesday, October 23rd. Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Finally, Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.92.

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.