Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,148,641 shares of the natural resource company’s stock after selling 59,211 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.22% of Freeport-McMoRan worth $157,180,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Swedbank AB bought a new position in Freeport-McMoRan in the 1st quarter worth about $162,464,000. Los Angeles Capital Management LLC grew its holdings in Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after buying an additional 2,255,529 shares in the last quarter. Capital Wealth Planning LLC increased its position in Freeport-McMoRan by 34.9% in the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after acquiring an additional 1,538,560 shares during the period. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in Freeport-McMoRan by 5,249.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after acquiring an additional 1,316,261 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FCX shares. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Price Performance

NYSE FCX opened at $43.48 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24. The company has a market cap of $62.48 billion, a PE ratio of 31.74, a PEG ratio of 1.89 and a beta of 1.91. The stock’s 50-day moving average price is $46.90 and its two-hundred day moving average price is $47.05.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (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 business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The firm’s revenue was up 16.6% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

About Freeport-McMoRan

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.