Itau Unibanco Holding S.A. Sells 1,000 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Itau Unibanco Holding S.A. reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,000 shares of the natural resource company’s stock after selling 1,000 shares during the period. Itau Unibanco Holding S.A.’s holdings in Freeport-McMoRan were worth $2,796,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Easterly Investment Partners LLC grew its holdings in shares of Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after acquiring an additional 85,542 shares in the last quarter. Summit Global Investments boosted its stake in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after purchasing an additional 71,883 shares during the last quarter. AIA Group Ltd lifted its stake in shares of Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after purchasing an additional 12,887 shares during the period. NorthCrest Asset Manangement LLC grew its holdings 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 buying an additional 107,852 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock valued at $10,393,000 after acquiring an additional 35,972 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research reports. Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.64 on Tuesday. The stock has a market capitalization of $62.71 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 17.44 and a beta of 1.86. The stock’s 50 day moving average price is $46.87 and its two-hundred day moving average price is $46.80. Freeport-McMoRan Inc. has a 52-week low of $36.04 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS 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 business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the firm earned $0.39 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share 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 given 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 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.