Janus Henderson Group PLC Purchases 440,580 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Janus Henderson Group PLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.3% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,172,219 shares of the natural resource company’s stock after buying an additional 440,580 shares during the period. Janus Henderson Group PLC’s holdings in Freeport-McMoRan were worth $258,193,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of FCX. Matrix Trust Co bought a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in Freeport-McMoRan in the 2nd quarter worth about $27,000. Finally, Godsey & Gibb Inc. raised its position in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on FCX. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Raymond James lifted their price target 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. Scotiabank decreased their price objective 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 cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $43.83 on Wednesday. The firm has a market capitalization of $62.98 billion, a P/E ratio of 31.99, a P/E/G ratio of 17.22 and a beta of 1.86. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The company has a fifty day moving average of $46.84 and a 200-day moving average of $46.74. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the business posted $0.39 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Tuesday, October 15th. 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.