Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Managed Asset Portfolios LLC

Managed Asset Portfolios LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,820 shares of the natural resource company’s stock after purchasing an additional 2,458 shares during the quarter. Freeport-McMoRan comprises approximately 1.3% of Managed Asset Portfolios LLC’s portfolio, making the stock its 29th biggest position. Managed Asset Portfolios LLC’s holdings in Freeport-McMoRan were worth $8,877,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Easterly Investment Partners LLC grew its position in shares of Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares during the last quarter. Summit Global Investments lifted its holdings in shares of Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after purchasing an additional 71,883 shares during the last quarter. AIA Group Ltd boosted its position in shares of Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after purchasing an additional 12,887 shares during the period. NorthCrest Asset Manangement LLC grew its stake in Freeport-McMoRan by 33.3% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock worth $21,572,000 after buying an additional 107,852 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Freeport-McMoRan by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after buying an additional 35,972 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $43.72 on Friday. The firm’s fifty day simple moving average is $46.87 and its 200-day simple moving average is $47.12. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $62.82 billion, a PE ratio of 31.91, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24.

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. Analysts expect that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company 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 dividend on an annualized basis and a yield of 0.69%. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FCX shares. 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. Morgan Stanley lowered their price objective 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 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 lowered their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.