Meeder Asset Management Inc. trimmed its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 32.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,291 shares of the natural resource company’s stock after selling 24,530 shares during the period. Meeder Asset Management Inc.’s holdings in Freeport-McMoRan were worth $714,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Alps Advisors Inc. raised its position in shares of Freeport-McMoRan by 27.2% in the second quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock valued at $283,000 after buying an additional 3,200 shares during the last quarter. Independent Advisor Alliance raised its position in shares of Freeport-McMoRan by 9.6% in the second quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock valued at $583,000 after buying an additional 3,311 shares during the last quarter. Atlas Capital Advisors LLC raised its position in shares of Freeport-McMoRan by 34.2% in the second quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock valued at $227,000 after buying an additional 3,445 shares during the last quarter. Oakbrook Investments LLC raised its position in shares of Freeport-McMoRan by 4.2% in the second quarter. Oakbrook Investments LLC now owns 112,030 shares of the natural resource company’s stock valued at $1,934,000 after buying an additional 4,480 shares during the last quarter. Finally, Wedbush Securities Inc. raised its position in shares of Freeport-McMoRan by 11.0% in the second quarter. Wedbush Securities Inc. now owns 45,500 shares of the natural resource company’s stock valued at $785,000 after buying an additional 4,503 shares during the last quarter. 73.10% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Courtney Mather sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the sale, the director now directly owns 152,133 shares in the company, valued at $1,696,282.95. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.05% of the stock is currently owned by company insiders.

A number of brokerages have recently commented on FCX. ValuEngine cut shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Thursday. B. Riley reduced their target price on shares of Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, October 25th. BMO Capital Markets set a $13.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Thursday, October 25th. Royal Bank of Canada cut shares of Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 target price for the company. in a research report on Tuesday. They noted that the move was a valuation call. Finally, Raymond James set a $16.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 24th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $16.67.

Freeport-McMoRan stock opened at $11.35 on Friday. Freeport-McMoRan Inc has a 12-month low of $10.59 and a 12-month high of $20.25. The stock has a market cap of $17.87 billion, a P/E ratio of 9.70 and a beta of 2.40. 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 data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The firm had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same period last year, the business earned $0.34 earnings per share. Freeport-McMoRan’s revenue was up 13.9% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan Inc will post 1.71 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Monday, October 15th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Friday, October 12th. Freeport-McMoRan’s payout ratio is currently 17.09%.

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Freeport-McMoRan Company Profile

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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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