Bowling Portfolio Management LLC Has $149,000 Stake in Freeport-McMoRan Inc (FCX)

Bowling Portfolio Management LLC reduced its position in Freeport-McMoRan Inc (NYSE:FCX) by 76.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,573 shares of the natural resource company’s stock after selling 36,866 shares during the quarter. Bowling Portfolio Management LLC’s holdings in Freeport-McMoRan were worth $149,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc raised its stake in Freeport-McMoRan by 3.6% in the third quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after purchasing an additional 5,375,340 shares in the last quarter. Vanguard Group Inc. raised its stake in Freeport-McMoRan by 3.6% in the third quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after purchasing an additional 5,375,340 shares in the last quarter. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 32,378,452 shares of the natural resource company’s stock valued at $333,822,000 after purchasing an additional 121,884 shares in the last quarter. Geode Capital Management LLC raised its stake in Freeport-McMoRan by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock valued at $218,954,000 after purchasing an additional 959,745 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Freeport-McMoRan by 5.6% in the fourth quarter. Northern Trust Corp now owns 20,550,366 shares of the natural resource company’s stock valued at $211,875,000 after purchasing an additional 1,096,013 shares in the last quarter. Institutional investors own 70.76% of the company’s stock.

FCX stock opened at $14.00 on Friday. The company has a market cap of $20.29 billion, a price-to-earnings ratio of 9.21 and a beta of 2.26. Freeport-McMoRan Inc has a one year low of $9.60 and a one year high of $19.70. The company has a current ratio of 3.22, a quick ratio of 1.79 and a debt-to-equity ratio of 0.62.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.86 billion. During the same period last year, the business posted $0.51 earnings per share. The company’s revenue was down 26.9% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan Inc will post 0.5 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s payout ratio is 13.16%.

In related news, VP C Donald Whitmire, Jr. sold 7,425 shares of Freeport-McMoRan stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $11.58, for a total value of $85,981.50. Following the transaction, the vice president now directly owns 67,974 shares of the company’s stock, valued at $787,138.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.05% of the stock is owned by insiders.

A number of equities research analysts recently weighed in on FCX shares. Raymond James reaffirmed a “market perform” rating and issued a $16.00 target price on shares of Freeport-McMoRan in a research note on Monday, December 24th. ValuEngine downgraded shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 2nd. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 8th. Credit Suisse Group started coverage on shares of Freeport-McMoRan in a research note on Wednesday, January 9th. They issued a “neutral” rating and a $12.00 target price on the stock. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $16.00 to $14.00 in a research note on Tuesday, February 12th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $15.57.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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