Janney Montgomery Scott LLC reduced its stake in Freeport-McMoRan Inc (NYSE:FCX) by 4.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 361,488 shares of the natural resource company’s stock after selling 15,471 shares during the period. Janney Montgomery Scott LLC’s holdings in Freeport-McMoRan were worth $3,727,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after buying an additional 5,375,340 shares during the period. Commonwealth Bank of Australia increased its stake in Freeport-McMoRan by 61.3% during the third quarter. Commonwealth Bank of Australia now owns 230,251 shares of the natural resource company’s stock worth $3,198,000 after purchasing an additional 87,500 shares during the period. Gateway Investment Advisers LLC increased its stake in Freeport-McMoRan by 8.4% during the fourth quarter. Gateway Investment Advisers LLC now owns 67,882 shares of the natural resource company’s stock worth $700,000 after purchasing an additional 5,256 shares during the period. Morgan Stanley increased its stake in Freeport-McMoRan by 32.1% during the third quarter. Morgan Stanley now owns 6,360,492 shares of the natural resource company’s stock worth $88,539,000 after purchasing an additional 1,546,116 shares during the period. Finally, Iron Financial LLC purchased a new stake in Freeport-McMoRan during the third quarter worth about $176,000. Hedge funds and other institutional investors own 70.49% of the company’s stock.
A number of analysts have issued reports on FCX shares. Citigroup cut their price target on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 17th. Raymond James set a $16.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, October 24th. ValuEngine lowered shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. BMO Capital Markets set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Thursday, October 25th. Finally, B. Riley cut their price target on shares of Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $16.26.
Shares of FCX opened at $11.53 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.23 and a quick ratio of 1.80. The company has a market capitalization of $16.71 billion, a P/E ratio of 7.59 and a beta of 2.20. Freeport-McMoRan Inc has a 52-week low of $9.60 and a 52-week high of $19.74.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.07). The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.86 billion. Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.88%. The business’s revenue for the quarter was down 26.9% compared to the same quarter last year. During the same period last year, the company earned $0.51 earnings per share. On average, sell-side analysts predict that Freeport-McMoRan Inc will post 0.5 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Tuesday, January 15th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, January 14th. Freeport-McMoRan’s payout ratio is currently 13.16%.
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Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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