Thompson Investment Management Inc. lifted its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 7.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 480,035 shares of the natural resource company’s stock after purchasing an additional 33,655 shares during the quarter. Thompson Investment Management Inc.’s holdings in Freeport-McMoRan were worth $4,594,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Wetherby Asset Management Inc. lifted its position in Freeport-McMoRan by 3.8% in the 2nd quarter. Wetherby Asset Management Inc. now owns 26,033 shares of the natural resource company’s stock valued at $302,000 after acquiring an additional 963 shares in the last quarter. FLC Capital Advisors lifted its position in Freeport-McMoRan by 7.5% in the 2nd quarter. FLC Capital Advisors now owns 14,248 shares of the natural resource company’s stock valued at $160,000 after acquiring an additional 1,000 shares in the last quarter. LS Investment Advisors LLC lifted its position in Freeport-McMoRan by 2.8% in the 2nd quarter. LS Investment Advisors LLC now owns 36,637 shares of the natural resource company’s stock valued at $425,000 after acquiring an additional 1,007 shares in the last quarter. Intellectus Partners LLC lifted its position in Freeport-McMoRan by 1.4% in the 2nd quarter. Intellectus Partners LLC now owns 82,532 shares of the natural resource company’s stock valued at $958,000 after acquiring an additional 1,155 shares in the last quarter. Finally, Empirical Finance LLC lifted its position in Freeport-McMoRan by 1.0% in the 2nd quarter. Empirical Finance LLC now owns 114,384 shares of the natural resource company’s stock valued at $1,328,000 after acquiring an additional 1,175 shares in the last quarter. 72.95% of the stock is currently owned by institutional investors.
FCX has been the topic of several research reports. Raymond James reaffirmed a “market perform” rating and issued a $11.50 price objective on shares of Freeport-McMoRan in a research report on Thursday, October 24th. B. Riley set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada raised shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and boosted their price target for the stock from $12.00 to $14.00 in a research report on Wednesday, July 24th. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a research note on Monday, September 23rd. Finally, ValuEngine upgraded shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 25th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoRan currently has an average rating of “Buy” and a consensus price target of $13.03.
Shares of Freeport-McMoRan stock traded up $0.25 during trading on Friday, hitting $11.52. 24,304,708 shares of the stock were exchanged, compared to its average volume of 21,553,258. The stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of 7.58 and a beta of 2.44. The company has a fifty day moving average price of $9.81 and a 200-day moving average price of $10.46. Freeport-McMoRan Inc has a 1-year low of $8.43 and a 1-year high of $14.68. The company has a current ratio of 2.49, a quick ratio of 1.17 and a debt-to-equity ratio of 0.56.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.49 billion. Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.90%. Freeport-McMoRan’s revenue for the quarter was down 32.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. Equities research analysts forecast that Freeport-McMoRan Inc will post 0.04 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.05 per share. The ex-dividend date was Friday, October 11th. This represents a $0.20 annualized dividend and a dividend yield of 1.74%. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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