Black Swift Group LLC Cuts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Black Swift Group LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 18.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,350 shares of the natural resource company’s stock after selling 11,800 shares during the period. Black Swift Group LLC’s holdings in Freeport-McMoRan were worth $2,613,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FCX. Capital Research Global Investors raised its position in Freeport-McMoRan by 22.0% in the first 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 period. Capital International Investors purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $417,752,000. Capital World Investors lifted its position 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 purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $197,966,000. Finally, Swedbank AB acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $162,464,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley lowered their target price 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 cut their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Up 0.2 %

NYSE:FCX opened at $43.20 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $35.29 and a 52 week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market cap of $62.07 billion, a PE ratio of 31.48, a P/E/G ratio of 1.88 and a beta of 1.91. The business’s 50 day moving average is $46.54 and its two-hundred day moving average is $47.46.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping 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 the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. On average, analysts predict 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. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.