Mirae Asset Global Investments Co. Ltd. Sells 88,465 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its holdings in Freeport-McMoRan by 28.0%, selling 88,465 shares, and now owns 227,756 shares valued at approximately $9.87 million.
• Analysts have downgraded Freeport-McMoRan's stock rating from "buy" to "hold," with updated price targets ranging from $42.30 to $48.00.
• Freeport-McMoRan announced a $0.15 quarterly dividend to be paid on November 3rd, reflecting a 1.5% yield and a 22.73% payout ratio.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 28.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 227,756 shares of the natural resource company's stock after selling 88,465 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Freeport-McMoRan were worth $9,873,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FCX. Stratos Investment Management LLC boosted its position in shares of Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after acquiring an additional 45,458 shares during the last quarter. Community Bank N.A. lifted its position in shares of Freeport-McMoRan by 18.5% in the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock worth $1,498,000 after buying an additional 6,188 shares in the last quarter. Bourgeon Capital Management LLC boosted its position in shares of Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company's stock valued at $14,373,000 after acquiring an additional 24,803 shares during the last quarter. Arizona State Retirement System increased its position in Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after purchasing an additional 8,989 shares during the last quarter. Finally, Financial Sense Advisors Inc. lifted its position in Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after purchasing an additional 64,003 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Scotiabank reaffirmed a "sector perform" rating and issued a $45.00 price objective (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Raymond James Financial cut their target price on Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating on the stock in a research report on Thursday, September 25th. Johnson Rice dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Finally, CICC Research cut their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating on the stock in a research report on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $46.74.

Freeport-McMoRan Trading Up 2.0%

FCX stock opened at $39.66 on Monday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $51.19. The firm's 50-day moving average is $42.47 and its 200 day moving average is $40.54. The company has a market capitalization of $56.94 billion, a PE ratio of 30.05, a P/E/G ratio of 0.87 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

About Freeport-McMoRan

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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.