Wellington Management Group LLP Sells 1,264,668 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wellington Management Group LLP lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 31.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,732,507 shares of the natural resource company's stock after selling 1,264,668 shares during the quarter. Wellington Management Group LLP owned 0.19% of Freeport-McMoRan worth $136,407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Weiss Asset Management LP acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $1,579,000. Temasek Holdings Private Ltd lifted its position in shares of Freeport-McMoRan by 44.3% in the third quarter. Temasek Holdings Private Ltd now owns 749,428 shares of the natural resource company's stock worth $37,411,000 after purchasing an additional 230,010 shares in the last quarter. Soros Fund Management LLC acquired a new position in Freeport-McMoRan during the third quarter worth $9,984,000. Stifel Financial Corp grew its position in Freeport-McMoRan by 1.9% in the third quarter. Stifel Financial Corp now owns 1,392,918 shares of the natural resource company's stock valued at $69,534,000 after purchasing an additional 25,514 shares in the last quarter. Finally, Systematic Financial Management LP increased its stake in Freeport-McMoRan by 14.7% in the 3rd quarter. Systematic Financial Management LP now owns 13,130 shares of the natural resource company's stock valued at $655,000 after buying an additional 1,680 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

FCX traded down $1.06 on Tuesday, reaching $42.67. The company had a trading volume of 10,831,773 shares, compared to its average volume of 12,842,520. The company's fifty day moving average is $46.15 and its 200 day moving average is $46.39. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The stock has a market cap of $61.31 billion, a P/E ratio of 31.39, a P/E/G ratio of 16.60 and a beta of 1.86. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FCX shares. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, September 19th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.92.

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.