Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Mizuho Markets Americas LLC

Mizuho Markets Americas LLC lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,560,076 shares of the natural resource company's stock after selling 35,383 shares during the period. Freeport-McMoRan makes up 3.7% of Mizuho Markets Americas LLC's portfolio, making the stock its 8th biggest position. Mizuho Markets Americas LLC owned about 0.25% of Freeport-McMoRan worth $177,719,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. lifted its holdings 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 buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan in the third quarter worth approximately $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $26,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FCX shares. Royal Bank of Canada restated a "sector perform" rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank lowered their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Raymond James increased 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. Morgan Stanley lowered their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Price Performance

NYSE:FCX traded down $0.57 during mid-day trading on Friday, reaching $42.70. 12,902,502 shares of the company were exchanged, compared to its average volume of 12,931,597. Freeport-McMoRan Inc. has a 12 month low of $35.29 and a 12 month high of $55.24. The stock has a market cap of $61.35 billion, a PE ratio of 31.17, a PEG ratio of 1.86 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 company has a fifty day moving average of $46.63 and a 200 day moving average of $47.35.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released 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 company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. During the same period last year, the firm earned $0.39 EPS. The business's revenue for the quarter was up 16.6% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

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.