Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Groupama Asset Managment

Groupama Asset Managment cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,128 shares of the natural resource company’s stock after selling 3,376 shares during the quarter. Groupama Asset Managment’s holdings in Freeport-McMoRan were worth $32,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $27,000. Finally, RFP Financial Group LLC lifted its stake in shares of Freeport-McMoRan by 261.3% during the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCX. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank cut their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.92.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.74 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The firm has a fifty day moving average of $46.15 and a 200-day moving average of $46.39. The firm has a market capitalization of $62.85 billion, a P/E ratio of 31.93, a PEG ratio of 16.60 and a beta of 1.86. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 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.