Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by CIBC Asset Management Inc
CIBC Asset Management Inc lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 7.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 216,070 shares of the natural resource company's stock after buying an additional 15,521 shares during the quarter. CIBC Asset Management Inc's holdings in Freeport-McMoRan were worth £10,786,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Intellectus Partners LLC raised its holdings in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company's stock valued at £3,582,000 after purchasing an additional 256 shares in the last quarter.
Tokio Marine Asset Management Co. Ltd. increased its holdings in Freeport-McMoRan by 8.6% in the third quarter. Tokio Marine Asset Management Co.
Ltd. now owns 43,876 shares of the natural resource company's stock valued at £2,190,000 after buying an additional 3,480 shares during the last quarter. Metis Global Partners LLC raised its stake in Freeport-McMoRan by 21.8% in the third quarter. Metis Global Partners LLC now owns 122,681 shares of the natural resource company's stock valued at £6,124,000 after buying an additional 21,975 shares in the last quarter.
Planning Capital Management Corp lifted its holdings in Freeport-McMoRan by 59.9% during the 3rd quarter. Planning Capital Management Corp now owns 1,057 shares of the natural resource company's stock worth £53,000 after buying an additional 396 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its position in shares of Freeport-McMoRan by 19.9% during the 3rd quarter.
Zions Bancorporation N.A. now owns 5,726 shares of the natural resource company's stock worth £286,000 after acquiring an additional 951 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have commented on FCX. Royal Bank of Canada reiterated a "sector perform" rating and issued a £60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th.
Raymond James lifted their price target on shares of Freeport-McMoRan from £55.00 to £57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from £53.00 to £55.00 and gave the company a "neutral" rating in a research note on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and lifted their target price for the stock from £54.00 to £55.00 in a research report on Wednesday, September 4th.
Finally, Scotiabank decreased their target price on Freeport-McMoRan from £53.00 to £52.00 and set a "sector perform" rating for the company in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of £54.00.
Get Our Latest Research Report on FCX[3]
Freeport-McMoRan Trading Down 1.3 %
Shares of FCX[4] opened at £42.70 on Friday. Freeport-McMoRan Inc. has a 12 month low of £35.29 and a 12 month high of £55.24. The stock's 50-day moving average is £46.63 and its two-hundred day moving average is £47.35.
The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market cap of £61.35 billion, a PE ratio of 31.17, a P/E/G ratio of 1.84 and a beta of 1.91. Freeport-McMoRan (NYSE:FCX[5] - Get Free Report[6]) last released its quarterly earnings results 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. The firm had revenue of £6.79 billion for the quarter, compared to the consensus estimate of £6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%.
The firm's quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted £0.39 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The business also recently announced 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 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th.
Freeport-McMoRan's payout ratio is currently 21.90%.
About Freeport-McMoRan
(Free Report[7])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.
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References
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Get Our Latest Research Report on FCX (www.marketbeat.com)
- ^ FCX (www.marketbeat.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Get Free Report (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ five stocks (www.marketbeat.com)
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