Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Intact Investment Management Inc.

Intact Investment Management Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 18.2% in the third quarter, HoldingsChannel reports. The fund owned 9,100 shares of the natural resource company’s stock after acquiring an additional 1,400 shares during the quarter. Intact Investment Management Inc.’s holdings in Freeport-McMoRan were worth $454,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of FCX. 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 valued at $21,572,000 after acquiring an additional 107,852 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Freeport-McMoRan by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after acquiring an additional 35,972 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after acquiring an additional 25,214 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $770,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Up 1.5 %

NYSE FCX opened at $46.27 on Tuesday. 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 firm’s fifty day moving average price is $46.20 and its 200 day moving average price is $47.64. The company has a market capitalization of $66.48 billion, a price-to-earnings ratio of 33.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.91. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) 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 the consensus estimate of $6.45 billion. During the same period last year, the firm posted $0.39 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed 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. This represents a $0.30 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.