Hartford Investment Management Co. Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Hartford Investment Management Co. lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,141 shares of the natural resource company’s stock after selling 1,067 shares during the quarter. Hartford Investment Management Co.’s holdings in Freeport-McMoRan were worth $4,550,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Capital International Investors purchased a new position in shares of Freeport-McMoRan during the first quarter worth about $417,752,000. Capital World Investors increased its position in Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd purchased a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $197,966,000. Finally, Swedbank AB acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.3 %

FCX opened at $47.92 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The company has a market cap of $68.84 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 2.03 and a beta of 1.90. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The business’s fifty day moving average is $45.86 and its two-hundred day moving average is $47.86.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. 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 firm earned $0.39 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.63%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank lowered their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday. Finally, Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average 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.