Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Vinva Investment Management Ltd

Vinva Investment Management Ltd increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,683 shares of the natural resource company’s stock after buying an additional 4,745 shares during the period. Vinva Investment Management Ltd’s holdings in Freeport-McMoRan were worth $3,218,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% in the third 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. Dimensional Fund Advisors LP lifted its stake in Freeport-McMoRan by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock worth $536,038,000 after acquiring an additional 530,676 shares during the last quarter. Legal & General Group Plc grew its holdings in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock worth $502,675,000 after acquiring an additional 56,499 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Freeport-McMoRan by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after purchasing an additional 127,251 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Freeport-McMoRan by 4.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,535,358 shares of the natural resource company’s stock valued at $376,165,000 after purchasing an additional 350,328 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $43.76 on Friday. The company’s 50 day simple moving average is $46.91 and its 200-day simple moving average is $46.97. The firm has a market cap of $62.88 billion, a PE ratio of 31.94, a price-to-earnings-growth ratio of 1.92 and a beta of 1.91. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month 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.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS 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 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Six 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’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.