Bedell Frazier Investment Counselling LLC Sells 8,356 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Bedell Frazier Investment Counselling LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,727 shares of the natural resource company's stock after selling 8,356 shares during the quarter. Freeport-McMoRan makes up approximately 1.2% of Bedell Frazier Investment Counselling LLC's holdings, making the stock its 25th largest holding. Bedell Frazier Investment Counselling LLC's holdings in Freeport-McMoRan were worth $4,864,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $25,000. Vision Financial Markets LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC boosted its stake in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded down $3.95 during mid-day trading on Friday, reaching $29.57. The company's stock had a trading volume of 21,874,210 shares, compared to its average volume of 13,490,415. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 52 week low of $28.50 and a 52 week high of $55.24. The stock has a fifty day moving average of $37.93 and a two-hundred day moving average of $41.83. The firm has a market capitalization of $42.49 billion, a PE ratio of 22.84, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 23.26%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FCX shares. Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. StockNews.com upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Monday. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, JPMorgan Chase & Co. upgraded Freeport-McMoRan from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.04.

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.