Freeport-McMoRan Inc. (NYSE:FCX) Stake Raised by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 423.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,788,111 shares of the natural resource company's stock after purchasing an additional 2,255,529 shares during the period. Los Angeles Capital Management LLC owned about 0.19% of Freeport-McMoRan worth $139,183,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. raised its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $26,000. Finally, LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $26,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on FCX. Royal Bank of Canada reissued a "sector perform" rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Scotiabank lowered their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating for the company in a research note on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Finally, UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Freeport-McMoRan Trading Down 4.6 %

Shares of NYSE FCX traded down $2.22 during mid-day trading on Friday, hitting $46.36. 16,197,353 shares of the company traded hands, compared to its average volume of 9,333,747. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The stock has a market capitalization of $66.61 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 2.00 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. The business has a 50 day moving average of $46.45 and a two-hundred day moving average of $47.57.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating 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 period in the prior year, the business posted $0.39 earnings per share. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 21.90%.

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.