Cumberland Partners Ltd Has $1.39 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Cumberland Partners Ltd lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 25.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,800 shares of the natural resource company’s stock after acquiring an additional 5,700 shares during the period. Cumberland Partners Ltd’s holdings in Freeport-McMoRan were worth $1,388,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital Research Global Investors grew its stake in Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares in the last quarter. Capital International Investors acquired a new stake in Freeport-McMoRan during the first quarter worth about $417,752,000. Capital World Investors grew its stake in Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after buying an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $197,966,000. Finally, Swedbank AB acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $162,464,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX stock traded down $1.71 during midday trading on Tuesday, reaching $43.19. The company had a trading volume of 2,413,178 shares, compared to its average volume of 12,869,147. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1 year low of $33.38 and a 1 year high of $55.24. The company has a market capitalization of $62.06 billion, a P/E ratio of 32.77, a P/E/G ratio of 1.98 and a beta of 1.91. The firm has a 50-day moving average price of $46.46 and a 200-day moving average price of $47.54.

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

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued 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 0.69%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FCX shares. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Scotiabank reduced their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Six 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 company’s stock. According to data from MarketBeat.com, the stock presently 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.