Adage Capital Partners GP L.L.C. Lowers Position in Freeport-McMoRan Inc. (NYSE:FCX)

Adage Capital Partners GP L.L.C. cut its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,217,500 shares of the natural resource company's stock after selling 136,900 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.08% of Freeport-McMoRan worth $46,362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Westside Investment Management Inc. raised its position in shares of Freeport-McMoRan by 33.0% during the third quarter. Westside Investment Management Inc. now owns 7,867 shares of the natural resource company's stock valued at $373,000 after buying an additional 1,950 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its stake in Freeport-McMoRan by 5.0% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company's stock valued at $514,000 after acquiring an additional 490 shares in the last quarter. World Investment Advisors LLC bought a new stake in Freeport-McMoRan in the 3rd quarter valued at $246,000. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan in the 3rd quarter worth $754,000. Finally, Tidal Investments LLC boosted its holdings in shares of Freeport-McMoRan by 6.2% during the 3rd quarter. Tidal Investments LLC now owns 155,081 shares of the natural resource company's stock valued at $7,742,000 after purchasing an additional 8,995 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 0.3 %

Shares of NYSE FCX traded down $0.10 during midday trading on Monday, hitting $37.25. The company's stock had a trading volume of 13,048,009 shares, compared to its average volume of 13,887,413. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a market cap of $53.53 billion, a P/E ratio of 28.88, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The business's 50 day moving average is $36.27 and its two-hundred day moving average is $39.88.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the company earned $0.32 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.61%. Freeport-McMoRan's payout ratio is 24.79%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FCX shares. Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James upped their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday, April 4th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $48.00.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.