Jennison Associates LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 312,201 shares of the natural resource company's stock after buying an additional 64,350 shares during the period. Jennison Associates LLC's holdings in Freeport-McMoRan were worth $15,585,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. lifted its holdings in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Lynx Investment Advisory purchased a new position in Freeport-McMoRan during the second quarter worth about $26,000. Finally, LRI Investments LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Hedge funds and other institutional investors own 80.77% of the company's stock.
A number of research firms have issued reports on FCX. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. 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. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. Finally, StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.00.
Check Out Our Latest Report on FCX
Shares of FCX opened at $43.72 on Friday. The company's 50 day simple moving average is $46.85 and its 200 day simple moving average is $47.20. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $62.82 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.90 and a beta of 1.91. Freeport-McMoRan Inc. has a 1 year low of $36.04 and a 1 year high of $55.24.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company's revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.
The company 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. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 21.90%.
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.
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