Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Lifted by Mizuho Securities Co. Ltd.

Mizuho Securities Co. Ltd. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 639.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,810 shares of the natural resource company’s stock after purchasing an additional 2,430 shares during the period. Mizuho Securities Co. Ltd.’s holdings in Freeport-McMoRan were worth $140,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FCX. Empowered Funds LLC raised its stake in Freeport-McMoRan by 55.7% during the 1st quarter. Empowered Funds LLC now owns 30,229 shares of the natural resource company’s stock valued at $1,421,000 after acquiring an additional 10,820 shares in the last quarter. Sei Investments Co. raised its stake in Freeport-McMoRan by 4.0% during the 1st quarter. Sei Investments Co. now owns 566,772 shares of the natural resource company’s stock valued at $26,650,000 after acquiring an additional 21,889 shares in the last quarter. Headlands Technologies LLC raised its stake in Freeport-McMoRan by 30.5% during the 1st quarter. Headlands Technologies LLC now owns 4,344 shares of the natural resource company’s stock valued at $204,000 after acquiring an additional 1,016 shares in the last quarter. Avantax Advisory Services Inc. raised its stake in Freeport-McMoRan by 22.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 54,730 shares of the natural resource company’s stock valued at $2,573,000 after acquiring an additional 10,135 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Freeport-McMoRan by 479.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company’s stock valued at $13,293,000 after purchasing an additional 233,955 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.5 %

Shares of NYSE:FCX traded down $0.22 on Wednesday, reaching $43.38. The company had a trading volume of 3,020,380 shares, compared to its average volume of 12,895,890. Freeport-McMoRan Inc. has a twelve month low of $34.55 and a twelve month high of $55.24. The stock has a 50-day moving average price of $46.51 and a 200 day moving average price of $47.49. The stock has a market capitalization of $62.33 billion, a P/E ratio of 31.83, a P/E/G ratio of 1.94 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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 return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date 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 presently 21.90%.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank decreased their target price 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, Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price 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.