Primecap Management Co. CA Sells 104,300 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Primecap Management Co. CA trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,229,100 shares of the natural resource company's stock after selling 104,300 shares during the quarter. Primecap Management Co. CA owned 0.22% of Freeport-McMoRan worth $161,197,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Deane Retirement Strategies Inc. boosted its position in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company's stock worth $2,357,000 after buying an additional 201 shares during the period. Koshinski Asset Management Inc. boosted its position in Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company's stock worth $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont boosted its position in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company's stock worth $228,000 after acquiring an additional 228 shares during the last quarter. Fidelis Capital Partners LLC grew its stake in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company's stock worth $560,000 after acquiring an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC raised its holdings in shares of Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company's stock valued at $277,000 after purchasing an additional 234 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on FCX shares. Morgan Stanley decreased their target price on shares of 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 cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Scotiabank dropped their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $0.04 during mid-day trading on Friday, hitting $43.72. 8,621,181 shares of the company's stock traded hands, compared to its average volume of 12,873,048. 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 has a 50 day simple moving average of $46.85 and a two-hundred day simple moving average of $47.20. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The stock has a market cap of $62.82 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 1.90 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm 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 for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.51 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. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 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.