373,992 Shares in Freeport-McMoRan Inc. $FCX Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 373,992 shares of the natural resource company’s stock, valued at approximately $26,179,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. TOWER TRUST & INVESTMENT Co increased its stake in Freeport-McMoRan by 1.3% in the 3rd quarter. TOWER TRUST & INVESTMENT Co now owns 12,177 shares of the natural resource company’s stock valued at $852,000 after purchasing an additional 157 shares in the last quarter. Richardson Financial Services Inc. boosted its position in Freeport-McMoRan by 11.6% during the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after purchasing an additional 160 shares in the last quarter. Breakwater Capital Group boosted its position in Freeport-McMoRan by 1.0% during the third quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock worth $1,115,000 after purchasing an additional 160 shares in the last quarter. Signature Wealth Management Partners LLC grew its holdings in Freeport-McMoRan by 1.4% in the third quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock valued at $859,000 after purchasing an additional 166 shares during the last quarter. Finally, Fiduciary Financial Group LLC grew its holdings in Freeport-McMoRan by 2.6% in the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Activity

In other Freeport-McMoRan news, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 102,848 shares of company stock worth $7,911,621. 0.73% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $62.88 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24. The firm has a market cap of $90.30 billion, a price-to-earnings ratio of 26.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.39. The company’s 50-day moving average is $71.32 and its two-hundred day moving average is $65.26. The company has a current ratio of 2.02, a quick ratio of 0.92 and a debt-to-equity ratio of 0.23.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.36 billion. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 3.04 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were paid a dividend of $0.0750 per share. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 12.61%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FCX. Weiss Ratings cut Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Sanford C. Bernstein cut their price target on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Wednesday, September 9th. Erste Group Bank started coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They issued a “buy” rating on the stock. Wells Fargo & Company lowered their price objective on shares of Freeport-McMoRan from $87.00 to $79.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. Finally, Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $73.00 to $85.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.30.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.