Aquatic Capital Management LLC Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Aquatic Capital Management LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 37.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 117,870 shares of the natural resource company's stock after selling 69,530 shares during the quarter. Aquatic Capital Management LLC's holdings in Freeport-McMoRan were worth $4,488,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $754,000. Madison Investment Advisors LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $3,388,000. Principal Financial Group Inc. lifted its holdings in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company's stock valued at $84,085,000 after purchasing an additional 66,699 shares during the last quarter. Czech National Bank boosted its position in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock worth $11,864,000 after purchasing an additional 18,852 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after buying an additional 642,776 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $37.32 on Monday. The firm's fifty day moving average is $36.27 and its two-hundred day moving average is $39.88. The firm has a market cap of $53.63 billion, a price-to-earnings ratio of 28.93, a PEG ratio of 0.87 and a beta of 1.71. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. During the same period last year, the firm earned $0.32 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Friday, January 24th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.00.

About Freeport-McMoRan

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.

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