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

Loomis Sayles & Co. L P decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 87.1% during the 3rd quarter, Holdings Channel reports. The firm owned 1,053 shares of the natural resource company’s stock after selling 7,118 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Freeport-McMoRan were worth $53,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. grew its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new stake in Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co bought a new stake in Freeport-McMoRan in the third quarter valued at $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $43.76 on Friday. The stock has a 50 day moving average of $46.91 and a 200 day moving average of $46.97. The company has a market capitalization of $62.88 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 1.92 and a beta of 1.91. Freeport-McMoRan Inc. has a 12 month low of $36.04 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.

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

Freeport-McMoRan Cuts Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Scotiabank lowered their target price on 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. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Company 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.