Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,148,641 shares of the natural resource company’s stock after selling 59,211 shares during the period. The Manufacturers Life Insurance Company’s holdings in Freeport-McMoRan were worth $157,180,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Deane Retirement Strategies Inc. raised its holdings in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares in the last quarter. Koshinski Asset Management Inc. lifted its holdings in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after buying an additional 214 shares during the last quarter. Trust Co. of Vermont increased its holdings in Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after buying an additional 228 shares during the last quarter. Fidelis Capital Partners LLC raised its position in Freeport-McMoRan by 2.0% during the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after acquiring an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC lifted its stake in Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after acquiring an additional 234 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $43.48 on Wednesday. The company’s fifty day moving average is $46.90 and its two-hundred day moving average is $47.05. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a market capitalization of $62.48 billion, a price-to-earnings ratio of 31.74, a P/E/G ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FCX. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.