Loomis Sayles & Co. L P Sells 7,118 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Loomis Sayles & Co. L P reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 87.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,053 shares of the natural resource company’s stock after selling 7,118 shares during the period. Loomis Sayles & Co. L P’s holdings in Freeport-McMoRan were worth $53,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FCX. Independent Advisor Alliance raised its holdings in Freeport-McMoRan by 5.5% in the 3rd quarter. Independent Advisor Alliance now owns 14,418 shares of the natural resource company’s stock valued at $720,000 after acquiring an additional 746 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the period. Daiwa Securities Group Inc. raised its stake in Freeport-McMoRan by 12.1% in the third quarter. Daiwa Securities Group Inc. now owns 180,018 shares of the natural resource company’s stock valued at $8,987,000 after purchasing an additional 19,402 shares in the last quarter. Summit Trail Advisors LLC lifted its position in Freeport-McMoRan by 24.7% during the third quarter. Summit Trail Advisors LLC now owns 11,254 shares of the natural resource company’s stock worth $562,000 after purchasing an additional 2,226 shares during the period. Finally, SevenBridge Financial Group LLC grew its stake in Freeport-McMoRan by 7.8% during the third quarter. SevenBridge Financial Group LLC now owns 48,443 shares of the natural resource company’s stock worth $2,418,000 after buying an additional 3,490 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank decreased their price target on 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. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, Raymond James lifted their target price 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 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 stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $43.76 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52 week low of $36.04 and a 52 week high of $55.24. The firm has a market cap of $62.88 billion, a PE ratio of 31.94, a price-to-earnings-growth ratio of 1.92 and a beta of 1.91. The firm’s fifty day moving average is $46.91 and its 200-day moving average is $46.97.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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 firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders 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 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.