Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 202,440 shares of the natural resource company’s stock after purchasing an additional 35,972 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Freeport-McMoRan were worth $10,393,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Vanguard Group Inc. grew its stake in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Capital Research Global Investors grew its position in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after acquiring an additional 2,392,800 shares during the last quarter. Capital World Investors raised its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Freeport-McMoRan by 1.4% during the 1st quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at $679,664,000 after acquiring an additional 200,877 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $46.60 on Monday. The stock has a market cap of $66.96 billion, a P/E ratio of 34.01, a P/E/G ratio of 1.99 and a beta of 1.90. The firm’s 50-day simple moving average is $45.99 and its 200 day simple moving average is $47.78. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during 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 business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 1.59 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

Several analysts have weighed in on FCX shares. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank decreased their target price 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. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan 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.