Zions Bancorporation N.A. Has $286,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Zions Bancorporation N.A. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 19.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,726 shares of the natural resource company’s stock after acquiring an additional 951 shares during the quarter. Zions Bancorporation N.A.’s holdings in Freeport-McMoRan were worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. KBC Group NV increased its position in Freeport-McMoRan by 351.6% in the 3rd quarter. KBC Group NV now owns 475,754 shares of the natural resource company’s stock worth $23,749,000 after purchasing an additional 370,401 shares during the last quarter. Regal Partners Ltd grew its stake in shares of Freeport-McMoRan by 107.8% in the 3rd quarter. Regal Partners Ltd now owns 2,061,170 shares of the natural resource company’s stock valued at $102,894,000 after buying an additional 1,069,073 shares in the last quarter. Plato Investment Management Ltd increased its holdings in Freeport-McMoRan by 22.2% in the third quarter. Plato Investment Management Ltd now owns 61,342 shares of the natural resource company’s stock worth $3,059,000 after buying an additional 11,136 shares during the last quarter. Mizuho Securities Co. Ltd. raised its position in Freeport-McMoRan by 639.5% during the third quarter. Mizuho Securities Co. Ltd. now owns 2,810 shares of the natural resource company’s stock valued at $140,000 after acquiring an additional 2,430 shares in the last quarter. Finally, ICICI Prudential Asset Management Co Ltd lifted its stake in Freeport-McMoRan by 30.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 49,330 shares of the natural resource company’s stock valued at $2,463,000 after acquiring an additional 11,500 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on FCX. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock 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 report on Thursday, September 26th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Scotiabank decreased their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $42.69 on Friday. The firm’s 50-day moving average is $46.63 and its 200-day moving average is $47.37. The company has a market cap of $61.34 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 1.86 and a beta of 1.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52-week low of $35.29 and a 52-week high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.