Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Fisher Asset Management LLC

Fisher Asset Management LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,409,395 shares of the natural resource company’s stock after purchasing an additional 1,392,494 shares during the period. Freeport-McMoRan comprises about 1.2% of Fisher Asset Management LLC’s holdings, making the stock its 23rd largest holding. Fisher Asset Management LLC owned about 4.13% of Freeport-McMoRan worth $2,965,717,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the third quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. raised its holdings in shares of Freeport-McMoRan by 1,170.7% in 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 in the last quarter. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $26,000. Finally, LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.1 %

NYSE FCX opened at $43.72 on Monday. The firm’s fifty day moving average is $46.87 and its two-hundred day moving average is $47.10. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. 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 firm has a market cap of $62.82 billion, a PE ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the business earned $0.39 EPS. The firm’s revenue was up 16.6% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Company 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.