Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Groupama Asset Managment

Groupama Asset Managment trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,128 shares of the natural resource company’s stock after selling 3,376 shares during the quarter. Groupama Asset Managment’s holdings in Freeport-McMoRan were worth $32,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Deane Retirement Strategies Inc. raised its stake in Freeport-McMoRan by 0.4% during the 3rd 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. raised its stake in 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 worth $1,037,000 after acquiring an additional 214 shares in the last quarter. Trust Co. of Vermont raised its stake in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after acquiring an additional 228 shares in the last quarter. Fidelis Capital Partners LLC raised its stake in Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after acquiring an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC raised its stake in Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FCX shares. Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.92.

Freeport-McMoRan Trading Up 4.0 %

Shares of FCX opened at $43.74 on Tuesday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average is $46.15 and its two-hundred day moving average is $46.39. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The firm has a market capitalization of $62.85 billion, a P/E ratio of 31.93, a PEG ratio of 16.60 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the business posted $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Freeport-McMoRan Profile

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.