Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by ING Groep NV

ING Groep NV trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 40.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 395,366 shares of the natural resource company's stock after selling 273,931 shares during the quarter. ING Groep NV's holdings in Freeport-McMoRan were worth $19,737,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Freeport-McMoRan by 479.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company's stock worth $13,293,000 after acquiring an additional 233,955 shares in the last quarter. HBK Sorce Advisory LLC boosted its holdings in shares of Freeport-McMoRan by 14.4% in the 1st quarter. HBK Sorce Advisory LLC now owns 9,748 shares of the natural resource company's stock valued at $458,000 after buying an additional 1,228 shares in the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company's stock valued at $247,000 after buying an additional 214 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in Freeport-McMoRan by 8.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company's stock worth $1,365,000 after acquiring an additional 2,342 shares in the last quarter. Finally, Homestead Advisers Corp raised its stake in Freeport-McMoRan by 6.5% during the 1st quarter. Homestead Advisers Corp now owns 1,494,303 shares of the natural resource company's stock worth $69,966,000 after acquiring an additional 91,600 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX traded down $0.58 during mid-day trading on Friday, hitting $42.69. The company's stock had a trading volume of 12,901,949 shares, compared to its average volume of 12,931,597. The firm has a 50-day simple moving average of $46.63 and a 200 day simple moving average of $47.37. Freeport-McMoRan Inc. has a 1-year low of $35.29 and a 1-year high of $55.24. The firm has a market capitalization of $61.34 billion, a P/E ratio of 31.16, a P/E/G ratio of 1.86 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business's revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 21.90%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada restated a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $54.00.

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.