Dynamic Technology Lab Private Ltd Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Dynamic Technology Lab Private Ltd trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 37.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 29,493 shares of the natural resource company’s stock after selling 17,518 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Freeport-McMoRan were worth $1,472,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Easterly Investment Partners LLC lifted its stake in Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares in the last quarter. Summit Global Investments lifted its position in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after acquiring an additional 71,883 shares in the last quarter. AIA Group Ltd boosted its stake in shares of Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after acquiring an additional 12,887 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in Freeport-McMoRan by 33.3% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 432,126 shares of the natural resource company’s stock valued at $21,572,000 after purchasing an additional 107,852 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Freeport-McMoRan by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock valued at $10,393,000 after purchasing an additional 35,972 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $44.40 on Tuesday. The business’s fifty day simple moving average is $46.90 and its 200-day simple moving average is $47.05. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a market cap of $63.80 billion, a PE ratio of 32.41, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the firm posted $0.39 earnings per share. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCX. Scotiabank dropped their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Six 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.