Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 574,911 shares of the natural resource company’s stock after selling 22,562 shares during the quarter. Victory Capital Management Inc.’s holdings in Freeport-McMoRan were worth $28,700,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. boosted its stake in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan during the 2nd quarter valued at $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan during the 3rd quarter valued at $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in Freeport-McMoRan during the 2nd quarter valued at $26,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE FCX opened at $42.70 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $35.29 and a fifty-two week high of $55.24. The stock’s 50-day moving average is $46.63 and its two-hundred day moving average is $47.33. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm has a market cap of $61.35 billion, a P/E ratio of 31.17, a price-to-earnings-growth ratio of 1.84 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the company earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.70%. Freeport-McMoRan’s payout ratio is presently 21.90%.

Analyst Ratings Changes

Several research firms have recently weighed in on FCX. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank reduced their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Company 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.