Worldquant Millennium Advisors LLC Sells 54,354 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Worldquant Millennium Advisors LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 755,673 shares of the natural resource company’s stock after selling 54,354 shares during the period. Worldquant Millennium Advisors LLC’s holdings in Freeport-McMoRan were worth $37,723,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. CWM LLC grew its position in shares of Freeport-McMoRan by 11.1% in the 2nd quarter. CWM LLC now owns 47,280 shares of the natural resource company’s stock valued at $2,298,000 after acquiring an additional 4,724 shares during the period. CX Institutional grew its holdings in Freeport-McMoRan by 40.8% during the second quarter. CX Institutional now owns 14,208 shares of the natural resource company’s stock worth $691,000 after purchasing an additional 4,114 shares during the period. Capital Investment Advisors LLC raised its stake in Freeport-McMoRan by 0.4% in the second quarter. Capital Investment Advisors LLC now owns 92,111 shares of the natural resource company’s stock valued at $4,477,000 after buying an additional 337 shares during the period. Sax Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $208,000. Finally, QRG Capital Management Inc. boosted its stake in shares of Freeport-McMoRan by 10.1% during the 2nd quarter. QRG Capital Management Inc. now owns 191,208 shares of the natural resource company’s stock worth $9,293,000 after acquiring an additional 17,585 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $42.76 on Friday. 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 company has a market cap of $61.44 billion, a PE ratio of 31.21, a price-to-earnings-growth ratio of 17.29 and a beta of 1.86. The company has a 50 day moving average of $46.46 and a 200-day moving average of $46.62. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24.

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 the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the prior year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Analysts Set New Price Targets

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

Freeport-McMoRan Company 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.