Hodges Capital Management Inc. Trims Position in Freeport-McMoRan Inc. $FCX

Hodges Capital Management Inc. lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 489,882 shares of the natural resource company’s stock after selling 9,785 shares during the quarter. Freeport-McMoRan comprises 2.1% of Hodges Capital Management Inc.’s portfolio, making the stock its 11th largest holding. Hodges Capital Management Inc.’s holdings in Freeport-McMoRan were worth $24,881,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Leo Wealth LLC boosted its position in shares of Freeport-McMoRan by 2.5% during the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after acquiring an additional 170 shares during the last quarter. Physician Wealth Advisors Inc. boosted its position in shares of Freeport-McMoRan by 23.5% during the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after acquiring an additional 176 shares during the last quarter. Castle Rock Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 3.3% during the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after acquiring an additional 180 shares during the last quarter. GW&K Investment Management LLC boosted its position in shares of Freeport-McMoRan by 11.1% during the 4th quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock valued at $93,000 after acquiring an additional 184 shares during the last quarter. Finally, Private Trust Co. NA boosted its position in shares of Freeport-McMoRan by 6.7% during the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after acquiring an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.2%

Shares of FCX opened at $62.18 on Thursday. The firm has a market cap of $89.39 billion, a P/E ratio of 33.08, a P/E/G ratio of 0.77 and a beta of 1.35. The stock has a 50 day simple moving average of $63.95 and a two-hundred day simple moving average of $58.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Analysts Set New Price Targets

FCX has been the subject of a number of research analyst reports. Bank of America lifted their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Raymond James Financial dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, Jefferies Financial Group upped their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $66.72.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.