Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by RW Investment Management LLC

RW Investment Management LLC trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,101 shares of the natural resource company’s stock after selling 315 shares during the period. RW Investment Management LLC’s holdings in Freeport-McMoRan were worth $1,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Capital International Investors acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $417,752,000. Capital World Investors grew its position in Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares during the period. Swedbank AB acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $162,464,000. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after purchasing an additional 2,392,800 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after purchasing an additional 2,255,529 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, 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 note on Thursday, September 19th. Six 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Down 1.0 %

FCX opened at $43.70 on Thursday. 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 company’s 50 day simple moving average is $46.82 and its two-hundred day simple moving average is $47.22. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The firm has a market capitalization of $62.79 billion, a price-to-earnings ratio of 31.90, a price-to-earnings-growth ratio of 1.90 and a beta of 1.91.

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

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. 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 dividend payout ratio is currently 21.90%.

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.