Gulf International Bank UK Ltd boosted its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 7.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 466,684 shares of the natural resource company’s stock after acquiring an additional 33,000 shares during the period. Gulf International Bank UK Ltd’s holdings in Freeport-McMoRan were worth $6,496,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Jennison Associates LLC lifted its position in Freeport-McMoRan by 36.0% during the second quarter. Jennison Associates LLC now owns 1,118,042 shares of the natural resource company’s stock valued at $19,297,000 after acquiring an additional 296,228 shares during the last quarter. Intrust Bank NA acquired a new position in Freeport-McMoRan during the 2nd quarter valued at approximately $265,000. Achmea Investment Management B.V. increased its stake in Freeport-McMoRan by 6.2% during the 2nd quarter. Achmea Investment Management B.V. now owns 126,793 shares of the natural resource company’s stock valued at $2,187,000 after purchasing an additional 7,366 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Freeport-McMoRan by 3.9% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 1,996,247 shares of the natural resource company’s stock valued at $34,455,000 after purchasing an additional 75,434 shares in the last quarter. Finally, Confluence Investment Management LLC acquired a new position in Freeport-McMoRan during the 2nd quarter valued at approximately $175,000. 73.10% of the stock is owned by institutional investors.
FCX has been the topic of a number of recent analyst reports. ValuEngine upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Deutsche Bank set a $15.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Tuesday, October 2nd. B. Riley cut their price target on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 19th. Bank of America upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price target on the stock in a research note on Thursday, August 2nd. Finally, Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, October 10th. They set an “underweight” rating and a $12.00 price target on the stock. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and an average price target of $16.67.
In other news, Director Courtney Mather sold 75,000 shares of the stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total value of $836,250.00. Following the sale, the director now owns 152,133 shares in the company, valued at $1,696,282.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.05% of the stock is owned by corporate insiders.
NYSE:FCX opened at $11.35 on Friday. The firm has a market capitalization of $17.87 billion, a PE ratio of 6.49 and a beta of 2.40. Freeport-McMoRan Inc has a 1-year low of $10.59 and a 1-year high of $20.25. The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. The firm had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.50 billion. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 earnings per share. Research analysts predict that Freeport-McMoRan Inc will post 1.71 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.76%. Freeport-McMoRan’s payout ratio is currently 17.09%.
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Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its 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 and El Abra mines in South America.
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