UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 350,328 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,535,358 shares of the natural resource company’s stock after buying an additional 350,328 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Freeport-McMoRan were worth $376,165,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board raised its holdings in Freeport-McMoRan by 482.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 322,621 shares of the natural resource company’s stock worth $16,105,000 after purchasing an additional 267,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Freeport-McMoRan by 1.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 339,089 shares of the natural resource company’s stock worth $16,927,000 after purchasing an additional 3,853 shares during the last quarter. De Lisle Partners LLP raised its holdings in Freeport-McMoRan by 14.4% during the 3rd quarter. De Lisle Partners LLP now owns 119,000 shares of the natural resource company’s stock worth $5,956,000 after purchasing an additional 15,000 shares during the last quarter. Beaconlight Capital LLC increased its stake in shares of Freeport-McMoRan by 73.2% in the 3rd quarter. Beaconlight Capital LLC now owns 207,089 shares of the natural resource company’s stock valued at $10,338,000 after acquiring an additional 87,504 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its stake in shares of Freeport-McMoRan by 19.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 25,239 shares of the natural resource company’s stock valued at $1,260,000 after acquiring an additional 4,111 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Up 0.6 %

NYSE FCX opened at $43.76 on Friday. The company has a market cap of $62.88 billion, a PE ratio of 31.94, a PEG ratio of 1.92 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $36.04 and a 12 month high of $55.24. The stock has a 50 day moving average of $46.91 and a 200-day moving average of $46.97.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 quarter in the prior year, the firm posted $0.39 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend 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.