Freeport-McMoRan Inc (FCX) Position Boosted by Janus Henderson Group PLC

Janus Henderson Group PLC increased its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 49.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,064,720 shares of the natural resource company’s stock after buying an additional 1,672,520 shares during the quarter. Janus Henderson Group PLC owned about 0.35% of Freeport-McMoRan worth $70,496,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. United Asset Strategies Inc. bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $142,000. Fox Run Management L.L.C. bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $145,000. Greenleaf Trust bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $154,000. Parallel Advisors LLC grew its holdings in Freeport-McMoRan by 165.5% in the 2nd quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after buying an additional 5,619 shares in the last quarter. Finally, Iron Financial LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $176,000. 71.52% of the stock is owned by institutional investors and hedge funds.

In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the transaction, the director now directly owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.05% of the company’s stock.

A number of brokerages recently issued reports on FCX. TheStreet lowered Freeport-McMoRan from a “b-” rating to a “c+” rating in a report on Monday, November 19th. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price objective for the company. in a report on Tuesday, November 6th. They noted that the move was a valuation call. B. Riley decreased their price objective on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, October 25th. Finally, BMO Capital Markets set a $13.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a report on Thursday, October 25th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $16.71.

Shares of NYSE FCX opened at $11.82 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.84 and a quick ratio of 1.78. The firm has a market cap of $17.34 billion, a price-to-earnings ratio of 10.10 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.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the company posted $0.34 EPS. Equities research analysts forecast that Freeport-McMoRan Inc will post 1.7 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Friday, October 12th. Freeport-McMoRan’s payout ratio is currently 17.09%.

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About Freeport-McMoRan

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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