Worldquant Millennium Advisors LLC Sells 54,354 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Worldquant Millennium Advisors LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 755,673 shares of the natural resource company's stock after selling 54,354 shares during the quarter. Worldquant Millennium Advisors LLC owned about 0.05% of Freeport-McMoRan worth $37,723,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in shares of Freeport-McMoRan by 11.1% in the second quarter. CWM LLC now owns 47,280 shares of the natural resource company's stock valued at $2,298,000 after acquiring an additional 4,724 shares in the last quarter. CX Institutional increased its position in shares of Freeport-McMoRan by 40.8% during the 2nd quarter. CX Institutional now owns 14,208 shares of the natural resource company's stock valued at $691,000 after purchasing an additional 4,114 shares during the period. Capital Investment Advisors LLC increased its position in shares of Freeport-McMoRan by 0.4% during the 2nd quarter. Capital Investment Advisors LLC now owns 92,111 shares of the natural resource company's stock valued at $4,477,000 after purchasing an additional 337 shares during the period. Sax Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth $208,000. Finally, QRG Capital Management Inc. lifted its holdings in shares of Freeport-McMoRan by 10.1% in the second quarter. QRG Capital Management Inc. now owns 191,208 shares of the natural resource company's stock valued at $9,293,000 after buying an additional 17,585 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.7 %

NYSE FCX traded down $0.72 during trading on Friday, reaching $42.07. 9,468,947 shares of the company's stock were exchanged, compared to its average volume of 11,588,606. The firm has a market capitalization of $60.45 billion, a PE ratio of 30.71, a P/E/G ratio of 16.98 and a beta of 1.86. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. 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 company's fifty day simple moving average is $46.27 and its 200-day simple moving average is $46.53.

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

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.90%.

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. Morgan Stanley lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. Scotiabank dropped 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. UBS Group upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and raised their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.