Geode Capital Management LLC Has $1.44 Billion Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Geode Capital Management LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,891,058 shares of the natural resource company's stock after purchasing an additional 529,099 shares during the quarter. Geode Capital Management LLC owned 2.01% of Freeport-McMoRan worth $1,436,455,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Mountaineer Partners Management LLC raised its stake in 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 acquiring an additional 11,687,982 shares during the period. Los Angeles Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company's stock worth $139,183,000 after acquiring an additional 2,255,529 shares during the last quarter. Capital Wealth Planning LLC increased its position in shares of 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 worth $288,833,000 after acquiring an additional 1,538,560 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of 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 period. Finally, International Assets Investment Management LLC boosted its stake in Freeport-McMoRan by 5,249.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company's stock worth $66,959,000 after purchasing an additional 1,316,261 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FCX shares. JPMorgan Chase & Co. increased their price objective on 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 lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Scotiabank lowered their target price on 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. Raymond James lifted their target price 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. Finally, Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.92.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.34 during trading hours on Wednesday, reaching $43.01. 7,338,332 shares of the company traded hands, compared to its average volume of 12,819,491. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24. The stock has a market cap of $61.80 billion, a P/E ratio of 31.39, a price-to-earnings-growth ratio of 16.60 and a beta of 1.86. The stock's fifty day moving average is $45.84 and its 200 day moving average is $46.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping 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 firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The business's revenue was up 16.6% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan's dividend payout ratio is presently 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.