Sumitomo Mitsui Trust Holdings Inc. Sells 51,473 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 1.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,601,292 shares of the natural resource company’s stock after selling 51,473 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.25% of Freeport-McMoRan worth $134,292,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Fairfield Bush & CO. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $26,000. KB Financial Partners LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $26,000. Retirement Group LLC lifted its stake in Freeport-McMoRan by 97.1% in the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after acquiring an additional 330 shares in the last quarter. BluePath Capital Management LLC bought a new stake in Freeport-McMoRan in the 3rd quarter valued at approximately $28,000. Finally, ICA Group Wealth Management LLC bought a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $28,000. 77.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FCX shares. BMO Capital Markets cut their target price on Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 20th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. JPMorgan Chase & Co. began coverage on Freeport-McMoRan in a report on Tuesday, October 17th. They set a “neutral” rating and a $42.00 target price on the stock. Eight Capital set a $55.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a report on Wednesday, December 6th. Finally, UBS Group decreased their target price on Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $44.38.

Get Our Latest Report on Freeport-McMoRan

Freeport-McMoRan Stock Down 0.2 %

Shares of NYSE:FCX opened at $40.95 on Friday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $46.73. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.67 and a current ratio of 2.90. The business’s 50 day simple moving average is $38.81 and its two-hundred day simple moving average is $38.90. The firm has a market cap of $58.72 billion, a P/E ratio of 27.67 and a beta of 2.05.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its earnings results on Thursday, October 19th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. Freeport-McMoRan had a return on equity of 9.98% and a net margin of 9.50%. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same period last year, the business posted $0.26 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Friday, January 12th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Thursday, January 11th. Freeport-McMoRan’s payout ratio is 20.27%.

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

See Also

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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