Two Sigma Advisers LP trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,994,800 shares of the natural resource company's stock after selling 1,408,800 shares during the quarter. Two Sigma Advisers LP owned 0.28% of Freeport-McMoRan worth $199,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its stake in 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 purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $27,000. Finally, RFP Financial Group LLC lifted its holdings in shares of Freeport-McMoRan by 261.3% in the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company's stock valued at $29,000 after buying an additional 426 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
FCX has been the subject of several analyst reports. StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, September 19th. 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. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. Finally, UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.00.
View Our Latest Research Report on Freeport-McMoRan
Freeport-McMoRan Trading Down 1.5 %
FCX stock traded down $0.65 during midday trading on Friday, hitting $42.14. 5,657,210 shares of the company's stock were exchanged, compared to its average volume of 12,810,145. The business has a 50-day simple moving average of $46.46 and a two-hundred day simple moving average of $46.62. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $60.55 billion, a PE ratio of 31.21, a P/E/G ratio of 17.29 and a beta of 1.86. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24.
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 for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.45 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. The company's revenue was up 16.6% on a year-over-year basis. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. 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 0.71%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.
About Freeport-McMoRan
(
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.
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