Clal Insurance Enterprises Holdings Ltd Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Clal Insurance Enterprises Holdings Ltd grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 29.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,000,000 shares of the natural resource company’s stock after buying an additional 226,160 shares during the period. Clal Insurance Enterprises Holdings Ltd owned approximately 0.07% of Freeport-McMoRan worth $49,920,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Deane Retirement Strategies Inc. grew its position in Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares in the last quarter. Koshinski Asset Management Inc. lifted its stake in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after purchasing an additional 214 shares during the last quarter. Trust Co. of Vermont boosted its holdings in shares of Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC increased its position in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC raised its holdings in Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after buying an additional 234 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Scotiabank cut their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. 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. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Price Performance

Shares of FCX opened at $43.72 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. The company has a 50 day moving average price of $46.85 and a 200-day moving average price of $47.20. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The stock has a market capitalization of $62.82 billion, a PE ratio of 31.91, a PEG ratio of 1.89 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the firm earned $0.39 EPS. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business 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. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

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.