Thrivent Financial for Lutherans Sells 93,636 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Thrivent Financial for Lutherans lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 55.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,777 shares of the natural resource company's stock after selling 93,636 shares during the period. Thrivent Financial for Lutherans' holdings in Freeport-McMoRan were worth $3,733,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Easterly Investment Partners LLC boosted its holdings in Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock worth $7,375,000 after purchasing an additional 85,542 shares during the last quarter. Summit Global Investments boosted its stake in shares of 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 worth $3,819,000 after buying an additional 71,883 shares during the last quarter. AIA Group Ltd grew its holdings in shares of Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock valued at $4,604,000 after acquiring an additional 12,887 shares in the last quarter. NorthCrest Asset Manangement LLC increased its position in shares of Freeport-McMoRan by 33.3% in the third quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company's stock valued at $21,572,000 after acquiring an additional 107,852 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company's stock worth $10,393,000 after acquiring an additional 35,972 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Scotiabank lowered their price target 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. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Raymond James increased their price target 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. UBS Group raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley cut 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 note on Thursday, September 19th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded down $1.02 during trading hours on Tuesday, reaching $43.36. 7,463,649 shares of the stock were exchanged, compared to its average volume of 12,848,813. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The company has a market cap of $62.31 billion, a P/E ratio of 32.41, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. The stock has a 50 day moving average of $46.90 and a two-hundred day moving average of $47.05.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. During the same period last year, the firm posted $0.39 earnings per share. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 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.