Janus Henderson Group PLC Purchases 440,580 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Janus Henderson Group PLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 9.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,172,219 shares of the natural resource company’s stock after buying an additional 440,580 shares during the period. Janus Henderson Group PLC owned about 0.36% of Freeport-McMoRan worth $258,193,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Los Angeles Capital Management LLC boosted its stake in Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after purchasing an additional 2,255,529 shares during the period. Capital Wealth Planning LLC grew its holdings in shares of Freeport-McMoRan by 34.9% during the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock worth $288,833,000 after buying an additional 1,538,560 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares in the last quarter. International Assets Investment Management LLC boosted its position in Freeport-McMoRan by 5,249.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after acquiring an additional 1,316,261 shares during the last quarter. Finally, Wulff Hansen & CO. grew its stake in shares of Freeport-McMoRan by 4,760.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock worth $58,234,000 after acquiring an additional 1,173,578 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FCX shares. Morgan Stanley cut their price objective 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 Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Stock Up 0.4 %

FCX stock opened at $43.83 on Wednesday. The business’s fifty day moving average price is $46.84 and its two-hundred day moving average price is $46.74. The stock has a market capitalization of $62.98 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 17.22 and a beta of 1.86. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. 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 (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, 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 business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

About Freeport-McMoRan

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.