Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 22.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,998 shares of the natural resource company’s stock after purchasing an additional 2,716 shares during the period. Exchange Traded Concepts LLC’s holdings in Freeport-McMoRan were worth $749,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of FCX. Capital Research Global Investors lifted its stake 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 valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Capital International Investors acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $417,752,000. Capital World Investors lifted its stake in 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 worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd acquired a new position in Freeport-McMoRan during the 1st quarter worth about $197,966,000. Finally, Swedbank AB acquired a new position in Freeport-McMoRan during the 1st quarter worth about $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.5 %

NYSE:FCX opened at $48.18 on Friday. The stock’s 50 day moving average price is $45.48 and its 200 day moving average price is $47.89. The company has a market capitalization of $69.21 billion, a PE ratio of 42.64, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analysts Set New Price Targets

FCX has been the topic of several research reports. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $53.29.

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.