Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 206,780 shares of the natural resource company's stock after selling 41,003 shares during the quarter. Mutual of America Capital Management LLC's holdings in Freeport-McMoRan were worth $10,322,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Easterly Investment Partners LLC raised its position in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock valued at $7,375,000 after purchasing an additional 85,542 shares in the last quarter. Summit Global Investments raised its position in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock valued at $3,819,000 after purchasing an additional 71,883 shares in the last quarter. AIA Group Ltd raised its position in Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock valued at $4,604,000 after purchasing an additional 12,887 shares in the last quarter. NorthCrest Asset Manangement LLC raised its position in Freeport-McMoRan by 33.3% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company's stock valued at $21,572,000 after purchasing an additional 107,852 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company's stock valued at $10,393,000 after purchasing an additional 35,972 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research analyst reports. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Royal Bank of Canada reaffirmed 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 target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. Finally, Scotiabank reduced their target price on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research report on Wednesday, October 23rd. Six equities research 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.00.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.85 during mid-day trading on Monday, reaching $43.55. The company had a trading volume of 11,882,570 shares, compared to its average volume of 12,926,911. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. 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 stock has a market capitalization of $62.58 billion, a P/E ratio of 31.79, a PEG ratio of 1.84 and a beta of 1.91. The stock has a 50 day moving average of $46.69 and a two-hundred day moving average of $47.29.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released 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. The company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan's quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. On average, analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current 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 issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan's 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.