Intact Investment Management Inc. Increases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Intact Investment Management Inc. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,100 shares of the natural resource company’s stock after acquiring an additional 1,400 shares during the quarter. Intact Investment Management Inc.’s holdings in Freeport-McMoRan were worth $454,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norden Group LLC lifted its stake in shares of Freeport-McMoRan by 28.2% in the 1st quarter. Norden Group LLC now owns 16,659 shares of the natural resource company’s stock worth $783,000 after purchasing an additional 3,665 shares during the period. Private Advisor Group LLC lifted its stake in shares of Freeport-McMoRan by 16.8% in the 1st quarter. Private Advisor Group LLC now owns 73,668 shares of the natural resource company’s stock worth $3,464,000 after purchasing an additional 10,612 shares during the period. Commerce Bank lifted its stake in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Commerce Bank now owns 336,439 shares of the natural resource company’s stock worth $15,819,000 after purchasing an additional 2,925 shares during the period. Avidian Wealth Solutions LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $213,000. Finally, Catalina Capital Group LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $266,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.5 %

FCX stock opened at $46.27 on Tuesday. The firm has a fifty day moving average price of $46.20 and a 200 day moving average price of $47.64. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm has a market cap of $66.48 billion, a PE ratio of 33.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FCX shares. Morgan Stanley lowered 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 note on Thursday, September 19th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Finally, Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan 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.