Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by RW Investment Management LLC

RW Investment Management LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the third quarter, Holdings Channel reports. The institutional investor owned 22,101 shares of the natural resource company’s stock after selling 315 shares during the quarter. RW Investment Management LLC’s holdings in Freeport-McMoRan were worth $1,103,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Capital International Investors acquired a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $417,752,000. Capital World Investors increased its holdings in Freeport-McMoRan by 40.9% in 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 during the last quarter. Swedbank AB acquired a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $162,464,000. Price T Rowe Associates Inc. MD increased its holdings in 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 last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after purchasing an additional 2,255,529 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $43.70 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The stock has a market cap of $62.79 billion, a PE ratio of 31.90, a price-to-earnings-growth ratio of 1.90 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a fifty day moving average price of $46.82 and a 200 day moving average price of $47.22.

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

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Company 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.