Freeport-McMoRan Inc (FCX) Holdings Decreased by Victory Capital Management Inc.
Victory Capital Management Inc. decreased its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 18.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,094,795 shares of the natural resource company’s stock after selling 461,348 shares during the quarter. Victory Capital Management Inc.’s holdings in Freeport-McMoRan were worth $29,159,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the business. Alps Advisors Inc. increased its position in shares of Freeport-McMoRan by 27.2% during the 2nd quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock worth $283,000 after purchasing an additional 3,200 shares during the last quarter. Independent Advisor Alliance increased its position in shares of Freeport-McMoRan by 9.6% during the 2nd quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock worth $583,000 after purchasing an additional 3,311 shares during the last quarter. Atlas Capital Advisors LLC increased its position in shares of Freeport-McMoRan by 34.2% during the 2nd quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock worth $227,000 after purchasing an additional 3,445 shares during the last quarter. Oakbrook Investments LLC increased its position in shares of Freeport-McMoRan by 4.2% during the 2nd quarter. Oakbrook Investments LLC now owns 112,030 shares of the natural resource company’s stock worth $1,934,000 after purchasing an additional 4,480 shares during the last quarter. Finally, Wedbush Securities Inc. increased its position in shares of Freeport-McMoRan by 11.0% during the 2nd quarter. Wedbush Securities Inc. now owns 45,500 shares of the natural resource company’s stock worth $785,000 after purchasing an additional 4,503 shares during the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the company. Citigroup decreased their target price on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, October 17th. Raymond James set a $16.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, October 24th. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. Deutsche Bank raised Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Thursday, July 26th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $24.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 26th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $16.67.
FCX opened at $11.16 on Tuesday. The firm has a market capitalization of $16.45 billion, a P/E ratio of 9.54 and a beta of 2.40. Freeport-McMoRan Inc has a 1 year low of $10.59 and a 1 year high of $20.25. The company has a quick ratio of 1.78, a current ratio of 2.84 and a debt-to-equity ratio of 0.83.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The business had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. On average, research analysts expect that Freeport-McMoRan Inc will post 1.71 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Monday, October 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 annualized dividend and a yield of 1.79%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.
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Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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