Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 37.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,493 shares of the natural resource company’s stock after selling 17,518 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Freeport-McMoRan were worth $1,472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Deane Retirement Strategies Inc. boosted its holdings in Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares in the last quarter. Koshinski Asset Management Inc. raised its position in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after purchasing an additional 214 shares during the last quarter. Trust Co. of Vermont boosted its stake in Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares in the last quarter. Fidelis Capital Partners LLC grew its position in Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC increased its stake in Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on FCX. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $44.40 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 company has a 50 day moving average price of $46.90 and a 200-day moving average price of $47.05. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The firm has a market cap of $63.80 billion, a price-to-earnings ratio of 32.41, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. Freeport-McMoRan’s payout ratio is 21.90%.

Freeport-McMoRan 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.