Korea Investment CORP decreased its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 42.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,089,264 shares of the natural resource company’s stock after selling 809,708 shares during the period. Korea Investment CORP owned about 0.08% of Freeport-McMoRan worth $15,163,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in FCX. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 122.8% during the third quarter. Fisher Asset Management LLC now owns 32,256,568 shares of the natural resource company’s stock valued at $449,011,000 after buying an additional 17,780,072 shares during the last quarter. Iridian Asset Management LLC CT purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $190,933,000. BlackRock Inc. boosted its position in shares of Freeport-McMoRan by 8.9% during the third quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock valued at $1,423,352,000 after buying an additional 8,364,557 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Freeport-McMoRan by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after buying an additional 6,041,164 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Freeport-McMoRan by 199.8% during the second quarter. Janus Henderson Group PLC now owns 3,392,200 shares of the natural resource company’s stock valued at $58,557,000 after buying an additional 2,260,711 shares during the last quarter. 71.52% of the stock is currently owned by institutional investors.
A number of analysts recently commented on FCX shares. Barclays started coverage on Freeport-McMoRan in a report on Wednesday, October 10th. They set an “underweight” rating and a $12.00 price target on the stock. Citigroup dropped their price target on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, October 17th. Clarkson Capital lowered Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price target on the stock. in a report on Tuesday, September 11th. Raymond James set a $16.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, October 24th. Finally, Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price target on the stock. in a report on Tuesday, November 6th. They noted that the move was a valuation call. 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. The company has an average rating of “Hold” and an average price target of $16.71.
Shares of FCX opened at $11.82 on Friday. The firm has a market capitalization of $17.34 billion, a price-to-earnings ratio of 10.10 and a beta of 2.40. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.78 and a current ratio of 2.84. 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 earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 return on equity of 22.63% and a net margin of 15.80%. The business’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share. Research analysts anticipate that Freeport-McMoRan Inc will post 1.7 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders 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 annualized dividend and a dividend yield of 1.69%. Freeport-McMoRan’s payout ratio is presently 17.09%.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the business’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the sale, the director now directly owns 152,133 shares in the company, valued at $1,696,282.95. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.05% of the company’s stock.
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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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