Mizuho Markets Americas LLC Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

Mizuho Markets Americas LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,560,076 shares of the natural resource company’s stock after selling 35,383 shares during the period. Freeport-McMoRan makes up approximately 3.7% of Mizuho Markets Americas LLC’s holdings, making the stock its 8th largest holding. Mizuho Markets Americas LLC owned about 0.25% of Freeport-McMoRan worth $177,719,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the third quarter worth $25,000. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the second quarter valued at about $25,000. Hazlett Burt & Watson Inc. increased its position in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the second quarter valued at about $26,000. Finally, LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several research analyst reports. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley decreased their price objective 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. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Down 1.3 %

Freeport-McMoRan stock opened at $42.69 on Friday. Freeport-McMoRan Inc. has a 12 month low of $35.29 and a 12 month high of $55.24. The company has a market capitalization of $61.34 billion, a price-to-earnings ratio of 31.16, a price-to-earnings-growth ratio of 1.86 and a beta of 1.91. The business’s fifty day simple moving average is $46.63 and its two-hundred day simple moving average is $47.37. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is presently 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.