Freeport-McMoRan Inc. $FCX Shares Sold by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 95,710 shares of the natural resource company’s stock after selling 8,242 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Freeport-McMoRan were worth $4,861,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Leo Wealth LLC boosted its position in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares during the last quarter. Physician Wealth Advisors Inc. raised its holdings in Freeport-McMoRan by 23.5% in the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after buying an additional 176 shares during the period. Castle Rock Wealth Management LLC raised its holdings in Freeport-McMoRan by 3.3% in the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after buying an additional 180 shares during the period. Private Trust Co. NA raised its holdings in Freeport-McMoRan by 6.7% in the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after buying an additional 195 shares during the period. Finally, Key Financial Inc raised its holdings in Freeport-McMoRan by 32.3% in the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after buying an additional 202 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 1.4%

FCX opened at $70.69 on Thursday. The firm has a market capitalization of $101.62 billion, a P/E ratio of 37.60, a P/E/G ratio of 0.86 and a beta of 1.35. The firm’s 50 day moving average is $63.08 and its 200-day moving average is $57.93. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.09. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

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

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Analyst Ratings Changes

Several research analysts recently commented on FCX shares. Sanford C. Bernstein cut their price target on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a report on Friday, April 24th. Citigroup cut their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Wells Fargo & Company cut their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, The Goldman Sachs Group raised their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Two equities research 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’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.04.

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.