Dupont Capital Management Corp Lowers Position in Freeport-McMoRan Inc. (NYSE:FCX)

Dupont Capital Management Corp trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 213,891 shares of the natural resource company’s stock after selling 10,898 shares during the period. Dupont Capital Management Corp’s holdings in Freeport-McMoRan were worth $10,677,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $25,000. Matrix Trust Co bought a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $26,000. Finally, Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $26,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $48.53 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $69.71 billion, a PE ratio of 42.95, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The firm’s 50 day moving average price is $45.74 and its 200-day moving average price is $47.86. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. Raymond James lifted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.92.

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.