Assenagon Asset Management S.A. Cuts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Assenagon Asset Management S.A. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 96.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,170 shares of the natural resource company’s stock after selling 1,140,098 shares during the period. Assenagon Asset Management S.A.’s holdings in Freeport-McMoRan were worth $1,016,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Public Investment Fund purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $377,321,000. Clearbridge Investments LLC raised its holdings in shares of Freeport-McMoRan by 25.3% in the 2nd quarter. Clearbridge Investments LLC now owns 11,827,474 shares of the natural resource company’s stock worth $346,072,000 after purchasing an additional 2,385,605 shares during the period. Amundi raised its holdings in shares of Freeport-McMoRan by 233.8% in the 2nd quarter. Amundi now owns 10,779,807 shares of the natural resource company’s stock worth $270,468,000 after purchasing an additional 7,550,525 shares during the period. Legal & General Group Plc raised its holdings in shares of Freeport-McMoRan by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 8,759,387 shares of the natural resource company’s stock worth $256,300,000 after purchasing an additional 202,155 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Freeport-McMoRan by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,806,397 shares of the natural resource company’s stock worth $338,550,000 after purchasing an additional 222,261 shares during the period. Hedge funds and other institutional investors own 77.12% of the company’s stock.

Freeport-McMoRan Stock Down 0.1 %

FCX opened at $45.05 on Friday. The company has a fifty day moving average price of $38.69 and a 200-day moving average price of $32.79. The firm has a market capitalization of $64.39 billion, a P/E ratio of 17.13 and a beta of 1.97. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.56 and a quick ratio of 1.76. Freeport-McMoRan Inc. has a one year low of $24.80 and a one year high of $51.99.

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its earnings results on Thursday, October 20th. The natural resource company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.08). Freeport-McMoRan had a return on equity of 17.69% and a net margin of 16.72%. The company had revenue of $5 billion during the quarter, compared to analysts’ expectations of $4.91 billion. During the same quarter last year, the firm posted $0.89 earnings per share. The firm’s revenue was down 17.8% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 2.3 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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 given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, January 12th. This represents a $0.60 annualized dividend and a yield of 1.33%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 11.41%.

Insider Buying and Selling

In related news, VP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $40.25, for a total value of $3,018,750.00. Following the completion of the transaction, 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 can be accessed through this hyperlink. 0.72% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCX. StockNews.com began coverage on shares of Freeport-McMoRan in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. BNP Paribas cut shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 price target on the stock. in a report on Thursday, October 6th. Barclays lowered their price target on shares of Freeport-McMoRan to $23.00 in a report on Thursday, October 20th. TheStreet cut shares of Freeport-McMoRan from a “b-” rating to a “c” rating in a report on Thursday, October 20th. Finally, Raymond James boosted their target price on shares of Freeport-McMoRan from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, January 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $39.73.

Freeport-McMoRan Profile

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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.

See Also

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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