United Services Automobile Association Sells 7,253 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

United Services Automobile Association lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 32,725 shares of the natural resource company’s stock after selling 7,253 shares during the period. United Services Automobile Association’s holdings in Freeport-McMoRan were worth $1,634,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Easterly Investment Partners LLC increased 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 worth $7,375,000 after purchasing an additional 85,542 shares during the period. Summit Global Investments increased its stake in Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after acquiring an additional 71,883 shares during the last quarter. AIA Group Ltd increased its stake in 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 acquiring an additional 12,887 shares during the last quarter. NorthCrest Asset Manangement LLC raised its holdings in shares of Freeport-McMoRan by 33.3% in 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 acquiring 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. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.7 %

Shares of FCX stock opened at $42.07 on Friday. The business has a 50-day moving average of $46.27 and a 200 day moving average of $46.47. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The stock has a market capitalization of $60.45 billion, a PE ratio of 30.71, a P/E/G ratio of 16.98 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last issued 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 for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the business earned $0.39 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company 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. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent analyst reports. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. 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. Scotiabank cut their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, 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 note on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $53.92.

About Freeport-McMoRan

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.