Gabelli Funds LLC reduced its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 10.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,009,000 shares of the natural resource company’s stock after selling 120,000 shares during the period. Gabelli Funds LLC owned approximately 0.07% of Freeport-McMoRan worth $14,045,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Whittier Trust Co. grew its stake in shares of Freeport-McMoRan by 405.9% in the 2nd quarter. Whittier Trust Co. now owns 8,640 shares of the natural resource company’s stock worth $316,000 after buying an additional 6,932 shares in the last quarter. St. Johns Investment Management Company LLC grew its stake in shares of Freeport-McMoRan by 243.2% in the 2nd quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after buying an additional 6,140 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Freeport-McMoRan by 165.5% in the 2nd quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after buying an additional 5,619 shares in the last quarter. Confluence Investment Management LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth $175,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth $145,000. 73.10% of the stock is owned by institutional investors and hedge funds.
In related news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the sale, the director now owns 152,133 shares in the company, valued at approximately $1,696,282.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.05% of the company’s stock.
A number of equities analysts have commented on FCX shares. ValuEngine cut shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 2nd. Deutsche Bank raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price objective for the company. Bank of America upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 target price for the company in a report on Thursday, August 2nd. Finally, Citigroup lowered their target price on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 17th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Freeport-McMoRan currently has an average rating of “Hold” and an average price target of $16.67.
Freeport-McMoRan stock opened at $11.35 on Friday. The stock has a market capitalization of $17.87 billion, a PE ratio of 6.49 and a beta of 2.40. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.84 and a quick ratio of 1.78. Freeport-McMoRan Inc has a 12-month low of $10.59 and a 12-month high of $20.25.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The firm had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter last year, the business earned $0.34 EPS. The business’s revenue was up 13.9% on a year-over-year basis. Research analysts forecast that Freeport-McMoRan Inc will post 1.71 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Monday, October 15th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.76%. Freeport-McMoRan’s payout ratio is 17.09%.
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Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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