Congress Wealth Management LLC DE Sells 7,430 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Congress Wealth Management LLC DE trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 41.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,392 shares of the natural resource company's stock after selling 7,430 shares during the period. Congress Wealth Management LLC DE's holdings in Freeport-McMoRan were worth $396,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after purchasing an additional 642,776 shares during the last quarter. Community Bank N.A. lifted its holdings in Freeport-McMoRan by 29.0% during the fourth quarter. Community Bank N.A. now owns 33,383 shares of the natural resource company's stock valued at $1,271,000 after purchasing an additional 7,504 shares during the last quarter. Stevens Capital Management LP boosted its position in Freeport-McMoRan by 421.8% during the fourth quarter. Stevens Capital Management LP now owns 25,005 shares of the natural resource company's stock worth $952,000 after purchasing an additional 20,213 shares during the period. LPL Financial LLC increased its stake in shares of Freeport-McMoRan by 10.1% in the fourth quarter. LPL Financial LLC now owns 1,776,932 shares of the natural resource company's stock worth $67,666,000 after purchasing an additional 162,933 shares in the last quarter. Finally, Mosley Wealth Management raised its position in shares of Freeport-McMoRan by 19.1% in the fourth quarter. Mosley Wealth Management now owns 6,224 shares of the natural resource company's stock valued at $226,000 after purchasing an additional 1,000 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Analysts Set New Price Targets

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

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded down $0.31 during trading on Wednesday, hitting $37.82. 4,000,121 shares of the stock traded hands, compared to its average volume of 15,815,671. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm's fifty day moving average is $38.05 and its 200-day moving average is $41.92. The stock has a market cap of $54.35 billion, a price-to-earnings ratio of 29.32, a PEG 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 (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan's payout ratio is 23.26%.

Freeport-McMoRan Company 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.