Dynamic Technology Lab Private Ltd Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Dynamic Technology Lab Private Ltd lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 37.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 29,493 shares of the natural resource company's stock after selling 17,518 shares during the period. Dynamic Technology Lab Private Ltd's holdings in Freeport-McMoRan were worth $1,472,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company's stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Freeport-McMoRan by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company's stock valued at $536,038,000 after purchasing an additional 530,676 shares in the last quarter. Legal & General Group Plc grew its stake in Freeport-McMoRan by 0.5% during the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company's stock worth $502,675,000 after purchasing an additional 56,499 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Freeport-McMoRan by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company's stock worth $410,494,000 after purchasing an additional 127,251 shares in the last quarter. Finally, Capital Wealth Planning LLC lifted its stake in Freeport-McMoRan by 34.9% in the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company's stock valued at $288,833,000 after buying an additional 1,538,560 shares during the period. Institutional investors own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Tuesday, October 15th. Morgan Stanley dropped their price target 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. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and lifted their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Raymond James raised their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Stock Down 2.0 %

NYSE:FCX traded down $0.90 on Tuesday, hitting $43.48. The stock had a trading volume of 11,817,641 shares, compared to its average volume of 12,870,243. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The firm's fifty day simple moving average is $46.90 and its two-hundred day simple moving average is $47.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The stock has a market cap of $62.48 billion, a P/E ratio of 31.67, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating 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 company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the business posted $0.39 earnings per share. Freeport-McMoRan's revenue was up 16.6% on a year-over-year basis. Analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 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.