Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 574,911 shares of the natural resource company's stock after selling 22,562 shares during the quarter. Victory Capital Management Inc.'s holdings in Freeport-McMoRan were worth $28,700,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Capital Research Global Investors increased its stake in Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company's stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company's stock valued at $1,734,234,000 after acquiring an additional 2,392,800 shares during the period. Capital World Investors increased its position in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company's stock valued at $712,600,000 after acquiring an additional 4,396,309 shares during the period. Dimensional Fund Advisors LP raised its stake in Freeport-McMoRan by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company's stock worth $536,038,000 after acquiring an additional 530,676 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company's stock valued at $502,675,000 after purchasing an additional 56,499 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $0.85 during trading on Monday, reaching $43.55. The company's stock had a trading volume of 11,882,570 shares, compared to its average volume of 12,926,911. The business has a 50 day moving average price of $46.69 and a 200-day moving average price of $47.29. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The company has a market capitalization of $62.58 billion, a P/E ratio of 31.79, a price-to-earnings-growth ratio of 1.84 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 (NYSE:FCX - Get Free Report) last released its quarterly earnings results 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. 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 the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company posted $0.39 EPS. The business's revenue was up 16.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS 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 issued a $0.075 dividend. This represents a $0.30 annualized dividend 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 presently 21.90%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. Raymond James boosted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus price target of $54.00.

About Freeport-McMoRan

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.