Amundi Pioneer Asset Management Inc. lessened its stake in Freeport-McMoRan Inc (NYSE:FCX) by 61.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,029,200 shares of the natural resource company’s stock after selling 1,630,797 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.07% of Freeport-McMoRan worth $10,611,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC increased its holdings in Freeport-McMoRan by 21.6% during the 4th quarter. Flagship Harbor Advisors LLC now owns 5,120 shares of the natural resource company’s stock valued at $52,000 after purchasing an additional 908 shares during the period. Moody National Bank Trust Division increased its holdings in Freeport-McMoRan by 3.6% during the 4th quarter. Moody National Bank Trust Division now owns 28,192 shares of the natural resource company’s stock valued at $291,000 after purchasing an additional 985 shares during the period. Ffcm LLC increased its holdings in Freeport-McMoRan by 7.3% during the 4th quarter. Ffcm LLC now owns 14,911 shares of the natural resource company’s stock valued at $154,000 after purchasing an additional 1,019 shares during the period. Focused Wealth Management Inc increased its holdings in Freeport-McMoRan by 3.5% during the 4th quarter. Focused Wealth Management Inc now owns 32,597 shares of the natural resource company’s stock valued at $336,000 after purchasing an additional 1,107 shares during the period. Finally, Brookstone Capital Management increased its holdings in Freeport-McMoRan by 9.3% during the 4th quarter. Brookstone Capital Management now owns 14,296 shares of the natural resource company’s stock valued at $147,000 after purchasing an additional 1,212 shares during the period. 70.76% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on FCX. Zacks Investment Research downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, April 11th. UBS Group set a $14.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Friday, April 5th. ValuEngine upgraded Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Morgan Stanley downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 13th. Finally, Credit Suisse Group assumed coverage on Freeport-McMoRan in a report on Wednesday, January 9th. They set a “neutral” rating and a $12.00 target price on the stock. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $15.57.
Shares of FCX traded down $0.20 during mid-day trading on Friday, reaching $14.00. The company had a trading volume of 27,426,666 shares, compared to its average volume of 18,272,092. The company has a quick ratio of 1.79, a current ratio of 3.22 and a debt-to-equity ratio of 0.62. Freeport-McMoRan Inc has a 52 week low of $9.60 and a 52 week high of $19.70. The stock has a market cap of $20.29 billion, a P/E ratio of 9.21 and a beta of 2.26.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same period in the prior year, the firm earned $0.51 earnings per share. The business’s revenue for the quarter was down 26.9% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc will post 0.5 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.43%. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.
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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