Keybank National Association OH reduced its position in Freeport-McMoRan Inc (NYSE:FCX) by 6.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 463,838 shares of the natural resource company’s stock after selling 29,424 shares during the period. Keybank National Association OH’s holdings in Freeport-McMoRan were worth $4,439,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in FCX. Nuveen Asset Management LLC increased its holdings in Freeport-McMoRan by 14,378.6% in the second quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock valued at $127,299,000 after buying an additional 10,888,904 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 31.9% during the third quarter. Fisher Asset Management LLC now owns 38,822,910 shares of the natural resource company’s stock valued at $371,535,000 after purchasing an additional 9,381,370 shares during the last quarter. Polaris Greystone Financial Group LLC bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $25,470,000. Delek Group Ltd. bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $21,551,000. Finally, Marathon Asset Management LLP bought a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $16,785,000. 72.95% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE FCX traded up $0.25 during midday trading on Friday, hitting $11.52. 24,074,272 shares of the company’s stock were exchanged, compared to its average volume of 21,553,258. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.49 and a quick ratio of 1.17. The stock’s 50 day moving average price is $9.82 and its 200-day moving average price is $10.44. The firm has a market cap of $15.83 billion, a P/E ratio of 7.58 and a beta of 2.44. Freeport-McMoRan Inc has a twelve month low of $8.43 and a twelve month high of $14.68.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The business had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.49 billion. Freeport-McMoRan had a positive return on equity of 0.90% and a negative net margin of 0.22%. The business’s revenue was down 32.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 earnings per share. On average, analysts expect that Freeport-McMoRan Inc will post 0.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.05 per share. The ex-dividend date was Friday, October 11th. This represents a $0.20 annualized dividend and a dividend yield of 1.74%. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
Several equities analysts have recently commented on FCX shares. Raymond James reaffirmed a “market perform” rating and set a $11.50 target price on shares of Freeport-McMoRan in a report on Thursday, October 24th. B. Riley set a $13.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a report on Monday, October 21st. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. Exane BNP Paribas started coverage on Freeport-McMoRan in a report on Friday, September 20th. They set an “outperform” rating for the company. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lowered their target price for the company from $13.00 to $12.00 in a report on Thursday, October 10th. Eight 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 stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.03.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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