Pekin Hardy Strauss Inc. Sells 750 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Pekin Hardy Strauss Inc. lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,890 shares of the natural resource company’s stock after selling 750 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Freeport-McMoRan were worth $2,720,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CM Management LLC boosted its stake in Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock worth $1,342,000 after purchasing an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 6.4% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after buying an additional 20,894 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after purchasing an additional 102,466 shares in the last quarter. Cadinha & Co. LLC boosted its position in shares of Freeport-McMoRan by 59.0% during the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after buying an additional 240,340 shares during the period. Finally, Alphinity Investment Management Pty Ltd grew its holdings in shares of Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after buying an additional 1,965,987 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on FCX shares. HSBC boosted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Raymond James boosted their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Bernstein Bank boosted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded down $2.47 during trading on Tuesday, hitting $49.94. The company’s stock had a trading volume of 16,744,708 shares, compared to its average volume of 14,155,595. The business has a fifty day moving average of $44.97 and a 200-day moving average of $40.51. The company has a market cap of $71.63 billion, a PE ratio of 44.20, a P/E/G ratio of 8.18 and a beta of 2.04. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $52.52. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.