Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 1,814.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,878 shares of the natural resource company’s stock after buying an additional 13,153 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Freeport-McMoRan were worth $193,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 122.8% during the third quarter. Fisher Asset Management LLC now owns 32,256,568 shares of the natural resource company’s stock worth $449,011,000 after buying an additional 17,780,072 shares during the last quarter. Iridian Asset Management LLC CT acquired a new position in Freeport-McMoRan during the second quarter worth $190,933,000. Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock worth $470,631,000 after buying an additional 6,041,164 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Freeport-McMoRan by 199.8% during the second quarter. Janus Henderson Group PLC now owns 3,392,200 shares of the natural resource company’s stock worth $58,557,000 after buying an additional 2,260,711 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. acquired a new position in Freeport-McMoRan during the second quarter worth $38,193,000. 71.83% of the stock is currently owned by institutional investors.
A number of equities analysts have weighed in on the company. B. Riley lowered their price objective on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. BMO Capital Markets set a $13.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Thursday, October 25th. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Raymond James set a $16.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Finally, Citigroup lowered their price objective on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 17th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $17.18.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The business had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the prior year, the company posted $0.34 EPS. The company’s quarterly revenue was up 13.9% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc will post 1.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Monday, October 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.
Freeport-McMoRan Company Profile
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.
Featured Article: Stop Order Uses For Individual Investors
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.