Gulf International Bank UK Ltd Sells 5,038 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Gulf International Bank UK Ltd lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 113,364 shares of the natural resource company’s stock after selling 5,038 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Freeport-McMoRan were worth $5,659,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares during the period. Capital Research Global Investors raised its position in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. 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. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in Freeport-McMoRan by 1.4% during the first quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock worth $679,664,000 after purchasing an additional 200,877 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FCX. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley cut their target price 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. JPMorgan Chase & Co. lifted their price target 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 raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective 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 equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Trading Up 1.6 %

Shares of FCX stock opened at $47.00 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $67.53 billion, a price-to-earnings ratio of 34.31, a PEG ratio of 1.95 and a beta of 1.91. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a 50-day simple moving average of $46.22 and a two-hundred day simple moving average of $47.62.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 earnings per share. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal 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 paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Freeport-McMoRan 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.