Zweig DiMenna Associates LLC Sells 90,597 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Zweig DiMenna Associates LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 254,103 shares of the natural resource company’s stock after selling 90,597 shares during the quarter. Freeport-McMoRan makes up about 1.3% of Zweig DiMenna Associates LLC’s holdings, making the stock its 28th biggest holding. Zweig DiMenna Associates LLC’s holdings in Freeport-McMoRan were worth $12,685,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. Finally, LRI Investments LLC bought a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 2.3 %

NYSE:FCX opened at $46.84 on Friday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market cap of $67.29 billion, a price-to-earnings ratio of 41.45, a PEG ratio of 2.03 and a beta of 1.90. The company’s 50 day moving average price is $45.93 and its 200-day moving average price is $47.85. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The company’s revenue was up 16.6% on a year-over-year basis. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

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.