Banque Cantonale Vaudoise trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 8.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,272 shares of the natural resource company’s stock after selling 1,824 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Freeport-McMoRan were worth $755,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in FCX. Fairfield Bush & CO. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $26,000. KB Financial Partners LLC bought a new position in Freeport-McMoRan during the 1st quarter worth $26,000. Retirement Group LLC lifted its stake in Freeport-McMoRan by 97.1% in the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after buying an additional 330 shares during the last quarter. BluePath Capital Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter valued at $28,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $28,000. 77.96% of the stock is currently owned by institutional investors.
Freeport-McMoRan Stock Up 3.9 %
FCX opened at $40.17 on Wednesday. The firm has a market cap of $57.60 billion, a price-to-earnings ratio of 31.63 and a beta of 2.06. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The firm’s 50-day simple moving average is $40.10 and its 200-day simple moving average is $38.78. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $44.70.
Freeport-McMoRan Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Friday, January 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.49%. The ex-dividend date was Thursday, January 11th. Freeport-McMoRan’s dividend payout ratio is 23.62%.
Analyst Ratings Changes
Several equities analysts have commented on the stock. Eight Capital set a $55.00 target price on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Wednesday, December 6th. JPMorgan Chase & Co. started coverage on Freeport-McMoRan in a research report on Tuesday, October 17th. They issued a “neutral” rating and a $42.00 target price on the stock. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.95.
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; 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.
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