Acadian Asset Management LLC cut its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 39.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,601 shares of the natural resource company’s stock after selling 6,771 shares during the quarter. Acadian Asset Management LLC’s holdings in Freeport-McMoRan were worth $148,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Alps Advisors Inc. grew its stake in shares of Freeport-McMoRan by 27.2% during the 2nd quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock valued at $283,000 after acquiring an additional 3,200 shares during the period. Independent Advisor Alliance grew its stake in shares of Freeport-McMoRan by 9.6% during the 2nd quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock valued at $583,000 after acquiring an additional 3,311 shares during the period. Atlas Capital Advisors LLC grew its stake in shares of Freeport-McMoRan by 34.2% during the 2nd quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock valued at $227,000 after acquiring an additional 3,445 shares during the period. Wedbush Securities Inc. grew its stake in shares of Freeport-McMoRan by 11.0% during the 2nd quarter. Wedbush Securities Inc. now owns 45,500 shares of the natural resource company’s stock valued at $785,000 after acquiring an additional 4,503 shares during the period. Finally, World Asset Management Inc grew its stake in shares of Freeport-McMoRan by 5.3% during the 3rd quarter. World Asset Management Inc now owns 93,487 shares of the natural resource company’s stock valued at $1,301,000 after acquiring an additional 4,702 shares during the period. Institutional investors own 71.52% of the company’s stock.
A number of research analysts recently issued reports on the company. Jefferies Financial Group reiterated a “buy” rating and set a $24.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 26th. Deutsche Bank upgraded Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Bank of America upgraded Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price target for the company in a research note on Thursday, August 2nd. ValuEngine upgraded Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Finally, B. Riley dropped their price target on Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 19th. 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 presently has an average rating of “Hold” and an average target price of $16.71.
FCX stock opened at $11.41 on Friday. Freeport-McMoRan Inc has a 1-year low of $10.59 and a 1-year high of $20.25. The company has a quick ratio of 1.78, a current ratio of 2.84 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $15.77 billion, a price-to-earnings ratio of 9.75 and a beta of 2.40.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The business had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc will post 1.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.75%. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.
Further Reading: How to calculate the intrinsic value of a stock
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