Corient Capital Partners LLC Takes Position in Freeport-McMoRan Inc (NYSE:FCX)

Corient Capital Partners LLC bought a new stake in Freeport-McMoRan Inc (NYSE:FCX) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,480 shares of the natural resource company’s stock, valued at approximately $100,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Fisher Asset Management LLC raised its position in shares of Freeport-McMoRan by 31.9% in the third quarter. Fisher Asset Management LLC now owns 38,822,910 shares of the natural resource company’s stock valued at $371,535,000 after buying an additional 9,381,370 shares during the last quarter. Northern Trust Corp raised its position in shares of Freeport-McMoRan by 2.2% in the second quarter. Northern Trust Corp now owns 21,091,006 shares of the natural resource company’s stock valued at $244,867,000 after buying an additional 446,954 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 10.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 12,037,806 shares of the natural resource company’s stock valued at $139,759,000 after buying an additional 1,155,099 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Freeport-McMoRan by 14,378.6% in the second quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock valued at $127,299,000 after buying an additional 10,888,904 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Freeport-McMoRan by 8.5% in the second quarter. Invesco Ltd. now owns 9,703,380 shares of the natural resource company’s stock valued at $112,656,000 after buying an additional 761,139 shares during the last quarter. Institutional investors and hedge funds own 73.68% of the company’s stock.

Shares of FCX opened at $11.16 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.16 and a debt-to-equity ratio of 0.57. Freeport-McMoRan Inc has a 12-month low of $8.43 and a 12-month high of $14.68. The firm has a 50-day moving average price of $9.92 and a 200 day moving average price of $10.38. The firm has a market capitalization of $15.68 billion, a P/E ratio of 98.27 and a beta of 2.44.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The company had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.49 billion. Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.91%. Freeport-McMoRan’s revenue was down 32.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc will post 0.02 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend was Friday, October 11th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.

A number of equities research analysts have recently commented on the stock. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a research report on Monday, September 23rd. BNP Paribas initiated coverage on shares of Freeport-McMoRan in a report on Friday, September 20th. They issued an “outperform” rating for the company. ValuEngine raised shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating in a report on Friday, October 25th. Morgan Stanley reissued an “overweight” rating and issued a $13.30 price objective on shares of Freeport-McMoRan in a report on Thursday, November 7th. Finally, Exane BNP Paribas initiated coverage on shares of Freeport-McMoRan in a report on Friday, September 20th. They issued an “outperform” rating for the company. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Freeport-McMoRan has a consensus rating of “Buy” and an average price target of $13.10.

Freeport-McMoRan Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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

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