Freeport-McMoRan Inc (FCX) Position Lifted by Norinchukin Bank The
Norinchukin Bank The increased its position in Freeport-McMoRan Inc (NYSE:FCX) by 22.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,372 shares of the natural resource company’s stock after acquiring an additional 33,714 shares during the quarter. Norinchukin Bank The’s holdings in Freeport-McMoRan were worth $2,594,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. United Asset Strategies Inc. bought a new position in Freeport-McMoRan in the 3rd quarter worth $142,000. Fox Run Management L.L.C. bought a new position in Freeport-McMoRan in the 3rd quarter worth $145,000. Greenleaf Trust bought a new position in Freeport-McMoRan in the 3rd quarter worth $154,000. Parallel Advisors LLC raised its holdings in Freeport-McMoRan by 165.5% in the 2nd quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after acquiring an additional 5,619 shares during the period. Finally, Iron Financial LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth $176,000. Hedge funds and other institutional investors own 71.52% of the company’s stock.
NYSE FCX opened at $11.51 on Tuesday. 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 firm has a market capitalization of $17.33 billion, a price-to-earnings ratio of 9.84 and a beta of 2.40. Freeport-McMoRan Inc has a 52-week low of $10.59 and a 52-week high of $20.25.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.74%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 17.09%.
In other news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan 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 sale, the director now directly owns 152,133 shares in the company, valued at approximately $1,696,282.95. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.05% of the stock is currently owned by insiders.
Several brokerages recently commented on FCX. B. Riley dropped their target price on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 19th. Clarkson Capital downgraded shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 target price on the stock. in a report on Tuesday, September 11th. ValuEngine downgraded shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. BMO Capital Markets set a $13.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Thursday, October 25th. Finally, Royal Bank of Canada lowered shares of Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price target on the stock. in a research report on Tuesday, November 6th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $16.71.
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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