Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% during the third quarter, HoldingsChannel reports. The firm owned 28,891,058 shares of the natural resource company’s stock after purchasing an additional 529,099 shares during the quarter. Geode Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,436,455,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mountaineer Partners Management LLC increased its position in shares of Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 423.5% in the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after purchasing an additional 2,255,529 shares during the period. Capital Wealth Planning LLC raised its stake in shares of Freeport-McMoRan by 34.9% in the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock worth $288,833,000 after purchasing an additional 1,538,560 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Freeport-McMoRan by 5,249.5% during the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after purchasing an additional 1,316,261 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 2.4 %

Shares of FCX stock opened at $42.69 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24. The company has a market cap of $61.34 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 16.60 and a beta of 1.86. 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 stock has a 50 day simple moving average of $46.00 and a 200-day simple moving average of $46.32.

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

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Wall Street Analysts Forecast Growth

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

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.