State Street Corp reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,548,223 shares of the natural resource company's stock after selling 1,714,423 shares during the period. State Street Corp owned approximately 4.21% of Freeport-McMoRan worth $3,022,567,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Hazlett Burt & Watson Inc. lifted its position in Freeport-McMoRan by 1,170.7% during the second 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 in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at $27,000. Finally, RFP Financial Group LLC raised its position in Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 426 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. 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 downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Scotiabank dropped their price objective on shares of 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. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.
Check Out Our Latest Analysis on FCX
Freeport-McMoRan Stock Down 1.7 %
Shares of FCX stock traded down $0.72 during trading hours on Friday, hitting $42.07. 9,468,947 shares of the company were exchanged, compared to its average volume of 12,827,864. The stock has a market capitalization of $60.45 billion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 17.29 and a beta of 1.86. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The business's 50-day simple moving average is $46.27 and its two-hundred day simple moving average is $46.53. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for 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 revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.
Freeport-McMoRan Profile
(
Free Report)
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.
Featured Stories
Before you consider Freeport-McMoRan, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freeport-McMoRan wasn't on the list.
While Freeport-McMoRan currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.