Pacer Advisors Inc. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 93.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 530,495 shares of the natural resource company’s stock after selling 8,232,186 shares during the quarter. Pacer Advisors Inc.’s holdings in Freeport-McMoRan were worth $17,257,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of FCX. FMR LLC raised its position in shares of Freeport-McMoRan by 23.2% in the second quarter. FMR LLC now owns 76,932,435 shares of the natural resource company’s stock valued at $2,854,963,000 after purchasing an additional 14,464,226 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in shares of Freeport-McMoRan in the second quarter valued at about $425,297,000. Amundi acquired a new position in shares of Freeport-McMoRan in the second quarter valued at about $238,160,000. State Street Corp grew its stake in shares of Freeport-McMoRan by 6.1% in the second quarter. State Street Corp now owns 68,422,655 shares of the natural resource company’s stock valued at $2,539,165,000 after acquiring an additional 3,948,847 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Freeport-McMoRan by 22.5% in the second quarter. Morgan Stanley now owns 15,548,768 shares of the natural resource company’s stock valued at $577,014,000 after acquiring an additional 2,859,755 shares in the last quarter. 76.76% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on FCX shares. Bank of America started coverage on shares of Freeport-McMoRan in a research note on Wednesday, September 29th. They set a “buy” rating on the stock. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price objective on the stock. in a research note on Thursday, August 26th. Wolfe Research started coverage on shares of Freeport-McMoRan in a report on Tuesday, November 16th. They issued an “outperform” rating and a $47.00 target price for the company. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $36.50 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, September 28th. Finally, Credit Suisse Group cut shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 target price for the company. in a report on Friday, September 10th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $40.44.
Shares of NYSE FCX opened at $37.24 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.50 and a quick ratio of 1.75. Freeport-McMoRan Inc. has a 1 year low of $23.01 and a 1 year high of $46.10. The company has a 50 day simple moving average of $36.56 and a 200 day simple moving average of $37.17. The firm has a market cap of $54.69 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.44 and a beta of 2.12.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 20th. The natural resource company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.08. Freeport-McMoRan had a net margin of 18.45% and a return on equity of 18.51%. The firm had revenue of $6.08 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same quarter last year, the business earned $0.29 EPS. The company’s revenue was up 58.0% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, October 14th. This represents a $0.30 annualized dividend and a yield of 0.81%. Freeport-McMoRan’s payout ratio is 11.41%.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.
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