Diamond Hill Capital Management Inc. Sells 93,022 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Diamond Hill Capital Management Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 7,674,027 shares of the natural resource company's stock after selling 93,022 shares during the quarter. Freeport-McMoRan comprises approximately 1.5% of Diamond Hill Capital Management Inc.'s holdings, making the stock its 25th largest holding. Diamond Hill Capital Management Inc. owned approximately 0.53% of Freeport-McMoRan worth $383,087,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan during the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. boosted its stake in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $26,000. Finally, LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 3.1 %

Shares of Freeport-McMoRan stock traded down $1.46 during trading on Monday, reaching $44.90. 4,601,150 shares of the company were exchanged, compared to its average volume of 12,879,789. The business has a 50-day moving average price of $46.45 and a 200-day moving average price of $47.57. The firm has a market capitalization of $64.52 billion, a price-to-earnings ratio of 33.84, a P/E/G ratio of 1.98 and a beta of 1.91. 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 Inc. has a twelve month low of $33.38 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 business 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 posted $0.39 EPS. Freeport-McMoRan's revenue for the quarter was up 16.6% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. Finally, Royal Bank of Canada reaffirmed 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 investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.00.

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.