Shell Asset Management Co. increased its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 10.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 242,645 shares of the natural resource company’s stock after buying an additional 22,216 shares during the period. Shell Asset Management Co.’s holdings in Freeport-McMoRan were worth $3,378,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in FCX. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 122.8% during the 3rd 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 period. Iridian Asset Management LLC CT bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $190,933,000. BlackRock Inc. boosted its holdings in shares of Freeport-McMoRan by 8.9% during the 3rd quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock worth $1,423,352,000 after buying an additional 8,364,557 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Freeport-McMoRan by 28.5% during the 2nd 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 period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Freeport-McMoRan by 199.8% during the 2nd 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 period. 71.52% of the stock is owned by institutional investors and hedge funds.
Several analysts recently commented on the stock. TheStreet downgraded shares of Freeport-McMoRan from a “b-” rating to a “c+” rating in a report on Monday, November 19th. B. Riley reduced their target price on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 19th. Clarkson Capital downgraded shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 target price for the company. in a report on Tuesday, September 11th. ValuEngine downgraded shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. Finally, BMO Capital Markets set a $13.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Thursday, October 25th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and a consensus target price of $16.71.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.02. The firm had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.50 billion. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 EPS. On average, research analysts forecast that Freeport-McMoRan Inc will post 1.7 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Friday, October 12th. Freeport-McMoRan’s payout ratio is presently 17.09%.
In other news, Director Courtney Mather sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total value of $836,250.00. Following the completion of the transaction, the director now directly owns 152,133 shares in the company, valued at approximately $1,696,282.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.05% of the stock is currently owned by insiders.
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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