Freeport-McMoRan Inc (FCX) Holdings Cut by Eqis Capital Management Inc.

Eqis Capital Management Inc. trimmed its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 49.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,294 shares of the natural resource company’s stock after selling 73,244 shares during the period. Eqis Capital Management Inc.’s holdings in Freeport-McMoRan were worth $958,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rational Advisors LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at $26,000. Lindbrook Capital LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $28,000. JOYN Advisors Inc. lifted its stake in shares of Freeport-McMoRan by 141.1% in the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock worth $29,000 after buying an additional 1,642 shares in the last quarter. Athena Capital Advisors LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $30,000. Finally, Truvestments Capital LLC purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $43,000. 70.76% of the stock is currently owned by institutional investors and hedge funds.

Shares of FCX stock opened at $14.00 on Friday. 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 Inc has a 12 month low of $9.60 and a 12 month high of $19.70. The stock has a market cap of $20.29 billion, a price-to-earnings ratio of 9.33 and a beta of 2.26.

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

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

In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 7,425 shares of Freeport-McMoRan stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $11.58, for a total transaction 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 Securities & Exchange Commission, which is available through the SEC website. 1.05% of the stock is owned by insiders.

FCX has been the topic of several research reports. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $16.00 in a research note on Tuesday, February 19th. ValuEngine downgraded shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $16.00 to $14.00 in a research note on Tuesday, February 12th. UBS Group set a $14.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Friday, April 5th. Finally, Raymond James decreased their price target on shares of Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating on the stock in a research note on Friday, January 25th. Three 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 stock presently has an average rating of “Hold” and a consensus price target of $15.57.

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Freeport-McMoRan 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.

See Also: Diversification

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

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