Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 220,301 shares of the natural resource company’s stock after purchasing an additional 2,053 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Freeport-McMoRan were worth $10,997,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FCX. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the period. Capital Research Global Investors increased its position in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after buying an additional 2,392,800 shares in the last quarter. Capital World Investors boosted its holdings in Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Freeport-McMoRan by 1.4% in the first quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at $679,664,000 after buying an additional 200,877 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Morgan Stanley cut their price target 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 lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $55.00 in a report 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Down 4.6 %

Shares of Freeport-McMoRan stock traded down $2.22 during trading hours on Friday, hitting $46.36. 16,197,353 shares of the company’s stock traded hands, compared to its average volume of 9,333,747. The company has a market cap of $66.61 billion, a PE ratio of 33.84, a PEG ratio of 2.00 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a 50 day simple moving average of $46.45 and a 200-day simple moving average of $47.58. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.65%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

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.