Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by National Bank of Canada FI

National Bank of Canada FI lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 136.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,635,724 shares of the natural resource company’s stock after buying an additional 942,701 shares during the quarter. National Bank of Canada FI owned approximately 0.11% of Freeport-McMoRan worth $81,655,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Czech National Bank raised its stake in shares of Freeport-McMoRan by 8.5% in the 2nd quarter. Czech National Bank now owns 273,736 shares of the natural resource company’s stock valued at $13,304,000 after purchasing an additional 21,438 shares in the last quarter. Coastline Trust Co grew its position in shares of Freeport-McMoRan by 21.1% in the 2nd quarter. Coastline Trust Co now owns 10,900 shares of the natural resource company’s stock worth $530,000 after acquiring an additional 1,900 shares in the last quarter. Signature Wealth Management Partners LLC increased its holdings in shares of Freeport-McMoRan by 32.6% in the 2nd quarter. Signature Wealth Management Partners LLC now owns 6,100 shares of the natural resource company’s stock valued at $296,000 after acquiring an additional 1,500 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Freeport-McMoRan by 25.7% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 35,222 shares of the natural resource company’s stock valued at $1,712,000 after acquiring an additional 7,210 shares in the last quarter. Finally, Strong Tower Advisory Services bought a new position in Freeport-McMoRan during the second quarter worth $3,641,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on FCX shares. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley dropped their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, 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 report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.92.

Freeport-McMoRan Stock Down 1.7 %

Shares of Freeport-McMoRan stock opened at $42.07 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1-year low of $36.04 and a 1-year high of $55.24. The business’s fifty day moving average price is $46.27 and its two-hundred day moving average price is $46.47. The company has a market capitalization of $60.45 billion, a P/E ratio of 30.71, a PEG ratio of 16.98 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.39 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.