Axa S.A. Purchases 16,531 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Axa S.A. increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 101.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,814 shares of the natural resource company’s stock after purchasing an additional 16,531 shares during the quarter. Axa S.A.’s holdings in Freeport-McMoRan were worth $1,595,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Belpointe Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares during the period. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Oaktree Capital Management LP grew its stake in shares of Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC raised its holdings in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of 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 buying an additional 1,210,833 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 2.8 %

Shares of NYSE FCX opened at $49.92 on Tuesday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $71.71 billion, a PE ratio of 44.18, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The firm’s 50-day moving average is $43.72 and its 200-day moving average is $47.57. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.60%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Analysts Set New Price Targets

A number of equities analysts have commented on FCX shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. UBS Group raised 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. Scotiabank lowered Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective on the stock. in a research note on Monday. Raymond James increased their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $52.93.

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.