iA Global Asset Management Inc. Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

iA Global Asset Management Inc. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1,183.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,010 shares of the natural resource company's stock after acquiring an additional 94,059 shares during the period. iA Global Asset Management Inc.'s holdings in Freeport-McMoRan were worth $5,092,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FCX. Czech National Bank lifted its stake in shares of Freeport-McMoRan by 8.5% in the second quarter. Czech National Bank now owns 273,736 shares of the natural resource company's stock worth $13,304,000 after buying an additional 21,438 shares in the last quarter. Coastline Trust Co lifted its stake in shares of Freeport-McMoRan by 21.1% in the second quarter. Coastline Trust Co now owns 10,900 shares of the natural resource company's stock worth $530,000 after buying an additional 1,900 shares in the last quarter. Signature Wealth Management Partners LLC lifted its stake in shares of Freeport-McMoRan by 32.6% in the second quarter. Signature Wealth Management Partners LLC now owns 6,100 shares of the natural resource company's stock worth $296,000 after buying an additional 1,500 shares in the last quarter. Dynamic Advisor Solutions LLC raised its holdings in shares of Freeport-McMoRan by 25.7% during the second quarter. Dynamic Advisor Solutions LLC now owns 35,222 shares of the natural resource company's stock valued at $1,712,000 after purchasing an additional 7,210 shares during the last quarter. Finally, Strong Tower Advisory Services purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $3,641,000. Institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a report on Wednesday, October 23rd. 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. Finally, Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a 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. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $53.92.

Freeport-McMoRan Price Performance

NYSE FCX traded down $0.72 during trading hours on Friday, hitting $42.07. 9,468,947 shares of the company's stock traded hands, compared to its average volume of 11,588,606. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The company has a market capitalization of $60.45 billion, a PE ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm's 50-day moving average is $46.27 and its 200-day moving average is $46.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.71%. Freeport-McMoRan's dividend payout ratio 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.