Telemark Asset Management LLC Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)
Telemark Asset Management LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 25.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 300,000 shares of the natural resource company's stock after selling 100,000 shares during the period. Freeport-McMoRan makes up about 1.5% of Telemark Asset Management LLC's portfolio, making the stock its 19th biggest position.
Telemark Asset Management LLC's holdings in Freeport-McMoRan were worth £14,976,000 as of its most recent SEC filing. Several other institutional investors and hedge funds have also bought and sold shares of FCX. Swedbank AB acquired a new stake in Freeport-McMoRan during the 1st quarter valued at approximately £162,464,000.
Price T Rowe Associates Inc. MD lifted its stake in shares of Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc.
MD now owns 36,882,874 shares of the natural resource company's stock valued at £1,734,234,000 after purchasing an additional 2,392,800 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company's stock valued at £139,183,000 after purchasing an additional 2,255,529 shares during the period.
Capital Wealth Planning LLC lifted its stake in shares of Freeport-McMoRan by 34.9% in the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company's stock valued at £288,833,000 after purchasing an additional 1,538,560 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Freeport-McMoRan by 5,249.5% in the 3rd quarter.
International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company's stock valued at £66,959,000 after purchasing an additional 1,316,261 shares during the period.
80.77% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoRan Price Performance
Freeport-McMoRan stock[3] opened at £43.72 on Friday. Freeport-McMoRan Inc. has a 52-week low of £36.04 and a 52-week high of £55.24. The firm has a market capitalization of £62.82 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.90 and a beta of 1.91.
The company has a fifty day simple moving average of £46.85 and a 200-day simple moving average of £47.20. 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[4] - Get Free Report[5]) last released its earnings results on Tuesday, October 22nd.
The natural resource company reported £0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of £0.37 by £0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business 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 firm earned £0.39 earnings per share. The company's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st.
Investors of record on Tuesday, October 15th were issued a £0.075 dividend. This represents a £0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th.
Freeport-McMoRan's dividend payout ratio is currently 21.90%.
Analyst Ratings Changes
FCX has been the subject of several analyst reports. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from £60.00 to £58.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price 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 shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and upped their price objective for the stock from £54.00 to £55.00 in a research report on Wednesday, September 4th. Raymond James upped their price objective on shares of Freeport-McMoRan from £55.00 to £57.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Finally, Scotiabank reduced their price objective on shares of 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 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's stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of £54.00. View Our Latest Analysis on FCX[6]
Freeport-McMoRan Profile
(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.
Read More
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com[8] to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX[9] - Free Report[10]).
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References
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Freeport-McMoRan stock (www.marketbeat.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Get Free Report (www.marketbeat.com)
- ^ View Our Latest Analysis on FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Visit HoldingsChannel.com (www.holdingschannel.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ five stocks (www.marketbeat.com)
- ^ View The Five Stocks Here (www.marketbeat.com)
- ^ Get This Free Report (marketbeat.com)