AIA Group Ltd Has $2.10 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

AIA Group Ltd trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 40.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,159 shares of the natural resource company’s stock after selling 37,065 shares during the period. AIA Group Ltd’s holdings in Freeport-McMoRan were worth $2,100,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $36,300,000. Erste Asset Management GmbH bought a new position in shares of Freeport-McMoRan in the third quarter valued at $3,233,000. FSA Wealth Management LLC acquired a new position in Freeport-McMoRan during the third quarter worth $46,000. Kestra Investment Management LLC bought a new stake in Freeport-McMoRan during the third quarter worth $619,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Freeport-McMoRan by 1,206.8% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company’s stock valued at $652,000 after acquiring an additional 12,056 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. BMO Capital Markets cut their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Trading Down 1.5 %

Shares of NYSE:FCX opened at $37.85 on Tuesday. The business’s 50 day simple moving average is $38.09 and its 200 day simple moving average is $41.95. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company has a market capitalization of $54.39 billion, a P/E ratio of 29.34, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is presently 23.26%.

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.