Iridian Asset Management LLC CT lowered its stake in Freeport-McMoRan Inc (NYSE:FCX) by 30.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,662,203 shares of the natural resource company’s stock after selling 3,399,990 shares during the period. Iridian Asset Management LLC CT’s holdings in Freeport-McMoRan were worth $106,658,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Whittier Trust Co. increased its holdings in Freeport-McMoRan by 405.9% during the 2nd quarter. Whittier Trust Co. now owns 8,640 shares of the natural resource company’s stock valued at $316,000 after purchasing an additional 6,932 shares during the period. Parallel Advisors LLC increased its holdings in Freeport-McMoRan by 165.5% during the 2nd quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock valued at $155,000 after purchasing an additional 5,619 shares during the period. United Asset Strategies Inc. purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $142,000. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $145,000. Finally, HRT Financial LLC purchased a new position in Freeport-McMoRan during the 2nd quarter valued at about $179,000. Institutional investors own 71.52% of the company’s stock.

Freeport-McMoRan stock opened at $11.96 on Monday. The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83. The company has a market cap of $17.33 billion, a price-to-earnings ratio of 10.22 and a beta of 2.40. Freeport-McMoRan Inc has a fifty-two week low of $10.59 and a fifty-two week high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The business had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The business’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 EPS. As a group, analysts forecast 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. Shareholders of record on Monday, October 15th were given a dividend of $0.05 per share. The ex-dividend date was Friday, October 12th. This represents a $0.20 annualized dividend and a yield of 1.67%. Freeport-McMoRan’s payout ratio is 17.09%.

In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the sale, the director now directly owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.05% of the company’s stock.

A number of research analysts recently issued reports on the company. Citigroup reduced their price target on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, October 17th. Raymond James set a $16.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, October 24th. ValuEngine downgraded Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. Deutsche Bank upgraded Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Thursday, July 26th. Finally, Jefferies Financial Group restated a “buy” rating and set a $24.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 26th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $16.71.

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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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