ING Groep NV Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)
ING Groep NV cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] – Free Report[2]) by 40.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 395,366 shares of the natural resource company’s stock after selling 273,931 shares during the quarter. ING Groep NV’s holdings in Freeport-McMoRan were worth £19,737,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in FCX. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth £5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter.
Capital Research Global Investors lifted its holdings in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth £3,427,583,000 after buying an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc.
MD boosted its position in shares of Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth £1,734,234,000 after acquiring an additional 2,392,800 shares during the last quarter.
Capital World Investors grew its stake in Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at £712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in Freeport-McMoRan by 1.4% in the 1st quarter.
Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at £679,664,000 after acquiring an additional 200,877 shares during the last quarter.
80.77% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Trading Down 0.5 %
Shares of FCX stock[3] traded down £0.20 during trading hours on Friday, reaching £43.07.
4,022,964 shares of the stock were exchanged, compared to its average volume of 12,891,603. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of £35.29 and a 12-month high of £55.24.
The firm has a market capitalization of £61.89 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 1.86 and a beta of 1.91. The company’s 50-day moving average price is £46.58 and its 200-day moving average price is £47.43. Freeport-McMoRan (NYSE:FCX[4] – Get Free Report[5]) last released its earnings results on Tuesday, October 22nd.
The natural resource company reported £0.38 EPS 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 firm had revenue of £6.79 billion for the quarter, compared to analysts’ expectations of £6.45 billion.
During the same quarter in the prior year, the firm posted £0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.
Freeport-McMoRan Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st.
Stockholders of record on Tuesday, October 15th were given a dividend of £0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a £0.30 annualized dividend and a dividend yield of 0.70%.
Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.
Analyst Upgrades and Downgrades
Several research analysts have commented on FCX shares. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from £53.00 to £55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from £54.00 to £55.00 in a report on Wednesday, September 4th.
Morgan Stanley reduced their price objective on Freeport-McMoRan from £60.00 to £58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a £60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, StockNews.com[6] cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th.
Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of £54.00. Check Out Our Latest Analysis on FCX[7]
About Freeport-McMoRan
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)
- ^ FCX stock (www.marketbeat.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Get Free Report (www.marketbeat.com)
- ^ StockNews.com (report.stocknews.com)
- ^ Check Out Our Latest Analysis on FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ five stocks (www.marketbeat.com)
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