AIA Group Ltd Purchases 12,887 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

AIA Group Ltd raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 16.2% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 92,224 shares of the natural resource company’s stock after acquiring an additional 12,887 shares during the period. AIA Group Ltd’s holdings in Freeport-McMoRan were worth $4,604,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. boosted its holdings in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $25,000. Matrix Trust Co acquired a new position in Freeport-McMoRan during the third quarter valued at approximately $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter valued at $26,000. Finally, Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter valued at $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.6 %

FCX stock opened at $48.58 on Friday. The firm has a 50-day moving average price of $46.41 and a 200-day moving average price of $47.60. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $69.80 billion, a P/E ratio of 35.46, a price-to-earnings-growth ratio of 1.98 and a beta of 1.91.

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

Freeport-McMoRan Cuts Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.62%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price objective 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. Morgan Stanley decreased their target price 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 shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Six 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.