Ieq Capital LLC Purchases 46,997 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Ieq Capital LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 371.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,656 shares of the natural resource company’s stock after purchasing an additional 46,997 shares during the quarter. Ieq Capital LLC’s holdings in Freeport-McMoRan were worth $1,630,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Public Investment Fund bought a new stake in shares of Freeport-McMoRan in the second quarter valued at about $377,321,000. Amundi raised its stake in Freeport-McMoRan by 233.8% in the second quarter. Amundi now owns 10,779,807 shares of the natural resource company’s stock valued at $270,468,000 after purchasing an additional 7,550,525 shares in the last quarter. Barclays PLC raised its stake in Freeport-McMoRan by 100.7% in the third quarter. Barclays PLC now owns 4,765,092 shares of the natural resource company’s stock valued at $130,229,000 after purchasing an additional 2,391,131 shares in the last quarter. Clearbridge Investments LLC raised its stake in Freeport-McMoRan by 25.3% in the second quarter. Clearbridge Investments LLC now owns 11,827,474 shares of the natural resource company’s stock valued at $346,072,000 after purchasing an additional 2,385,605 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Freeport-McMoRan by 3,864.9% in the second quarter. Renaissance Technologies LLC now owns 1,280,671 shares of the natural resource company’s stock valued at $37,472,000 after purchasing an additional 1,248,371 shares in the last quarter. 77.12% of the stock is owned by institutional investors.

Insider Activity at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $40.25, for a total value of $3,018,750.00. Following the sale, the vice president now directly owns 136,432 shares in the company, valued at $5,491,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on FCX shares. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c” rating in a research note on Thursday, October 20th. The Goldman Sachs Group dropped their price target on Freeport-McMoRan from $45.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, October 13th. StockNews.com assumed coverage on Freeport-McMoRan in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft boosted their target price on Freeport-McMoRan from $35.00 to $40.00 in a research note on Tuesday, January 10th. Finally, Citigroup boosted their target price on Freeport-McMoRan from $29.00 to $44.00 in a research note on Wednesday, January 11th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $39.73.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $44.59 on Wednesday. The stock has a market cap of $63.73 billion, a P/E ratio of 16.95 and a beta of 1.97. The company has a current ratio of 2.56, a quick ratio of 1.76 and a debt-to-equity ratio of 0.40. The stock’s 50-day moving average is $39.84 and its 200-day moving average is $33.60. Freeport-McMoRan Inc. has a 1-year low of $24.80 and a 1-year high of $51.99.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Friday, January 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.35%. The ex-dividend date is Thursday, January 12th. Freeport-McMoRan’s payout ratio is presently 11.41%.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.