Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Clal Insurance Enterprises Holdings Ltd

Clal Insurance Enterprises Holdings Ltd grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 29.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,000,000 shares of the natural resource company’s stock after purchasing an additional 226,160 shares during the quarter. Clal Insurance Enterprises Holdings Ltd’s holdings in Freeport-McMoRan were worth $49,920,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its stake in 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 buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $25,000. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan during the 1st quarter valued at approximately $26,000. Finally, Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan in the second quarter worth $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.1 %

Shares of Freeport-McMoRan stock opened at $43.72 on Friday. The firm has a 50-day simple moving average of $46.85 and a two-hundred day simple moving average of $47.20. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company has a market cap of $62.82 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.69%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FCX shares. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank cut their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted 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. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.