iA Global Asset Management Inc. Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

iA Global Asset Management Inc. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1,183.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,010 shares of the natural resource company’s stock after buying an additional 94,059 shares during the period. iA Global Asset Management Inc.’s holdings in Freeport-McMoRan were worth $5,092,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. raised its stake in shares of 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 valued at $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth about $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $27,000. Finally, RFP Financial Group LLC increased its holdings in Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 426 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.7 %

Shares of NYSE:FCX opened at $42.07 on Friday. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $46.27 and a 200 day moving average price of $46.47. The company has a market cap of $60.45 billion, a price-to-earnings ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last released its earnings results 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 firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the business earned $0.39 EPS. The business’s revenue was up 16.6% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders 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 annualized dividend and a yield of 0.71%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FCX. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank lowered their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.92.

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.