TCW Group Inc. Has $46.26 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

TCW Group Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 926,648 shares of the natural resource company's stock after selling 58,030 shares during the quarter. TCW Group Inc. owned approximately 0.06% of Freeport-McMoRan worth $46,258,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock worth $25,000 after purchasing an additional 480 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in Freeport-McMoRan in the second quarter valued at $27,000. Finally, Godsey & Gibb Inc. grew its position in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company's stock valued at $29,000 after acquiring an additional 346 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.8 %

Shares of NYSE FCX traded up $0.34 during midday trading on Wednesday, reaching $43.01. The company's stock had a trading volume of 7,338,332 shares, compared to its average volume of 12,819,491. 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 stock has a 50 day simple moving average of $46.00 and a 200-day simple moving average of $46.32. The stock has a market capitalization of $61.80 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 16.60 and a beta of 1.86. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business's revenue was up 16.6% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current 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 given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 21.90%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FCX. 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 report on Tuesday, October 15th. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Morgan Stanley decreased their price objective 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. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.