Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 16.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 206,780 shares of the natural resource company’s stock after selling 41,003 shares during the period. Mutual of America Capital Management LLC’s holdings in Freeport-McMoRan were worth $10,322,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of FCX. Hazlett Burt & Watson Inc. raised its position 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 worth $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth $25,000. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $26,000. Finally, Lynx Investment Advisory purchased a new stake in Freeport-McMoRan during the second quarter worth about $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $42.70 on Monday. The firm has a market cap of $61.35 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91. Freeport-McMoRan Inc. has a 12-month low of $35.29 and a 12-month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average is $46.63 and its two-hundred day moving average is $47.33.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.70%. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FCX shares. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank lowered their target price 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. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $54.00.

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.