Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by FUKOKU MUTUAL LIFE INSURANCE Co

FUKOKU MUTUAL LIFE INSURANCE Co lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 46.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,027 shares of the natural resource company’s stock after selling 6,078 shares during the quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Freeport-McMoRan were worth $351,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FCX. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Freeport-McMoRan by 479.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company’s stock worth $13,293,000 after buying an additional 233,955 shares during the last quarter. HBK Sorce Advisory LLC lifted its position in Freeport-McMoRan by 14.4% during the 1st quarter. HBK Sorce Advisory LLC now owns 9,748 shares of the natural resource company’s stock worth $458,000 after acquiring an additional 1,228 shares during the period. Kingsview Wealth Management LLC grew its stake in Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after purchasing an additional 214 shares during the last quarter. Orion Portfolio Solutions LLC increased its holdings in shares of Freeport-McMoRan by 8.8% in the first quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company’s stock valued at $1,365,000 after purchasing an additional 2,342 shares during the period. Finally, Homestead Advisers Corp raised its stake in shares of Freeport-McMoRan by 6.5% in the first quarter. Homestead Advisers Corp now owns 1,494,303 shares of the natural resource company’s stock worth $69,966,000 after purchasing an additional 91,600 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of several research reports. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. UBS Group raised shares of 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 report on Wednesday, September 4th. Scotiabank decreased their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $43.26 on Friday. The stock has a market capitalization of $62.16 billion, a P/E ratio of 31.58, a PEG ratio of 1.86 and a beta of 1.91. The business has a 50 day simple moving average of $46.58 and a two-hundred day simple moving average of $47.43. Freeport-McMoRan Inc. has a 12 month low of $35.29 and a 12 month high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the firm posted $0.39 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) 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.