Corebridge Financial Inc. Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Corebridge Financial Inc. lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 330,251 shares of the natural resource company's stock after selling 20,471 shares during the period. Corebridge Financial Inc.'s holdings in Freeport-McMoRan were worth $12,576,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of 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 valued at $4,692,191,000 after acquiring an additional 642,776 shares during the last quarter. Community Bank N.A. boosted its stake in shares of 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 period. Stevens Capital Management LP boosted its holdings in shares of 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 grew its position in shares of Freeport-McMoRan by 10.1% in the 4th quarter. LPL Financial LLC now owns 1,776,932 shares of the natural resource company's stock worth $67,666,000 after buying an additional 162,933 shares during the last quarter. Finally, Mosley Wealth Management increased its position in Freeport-McMoRan by 19.1% during the 4th 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.

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Freeport-McMoRan Stock Down 4.0 %

FCX stock traded down $1.62 during midday trading on Friday, hitting $38.36. The company's stock had a trading volume of 20,221,875 shares, compared to its average volume of 13,413,076. The firm has a 50-day simple moving average of $38.14 and a 200-day simple moving average of $41.98. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24. The firm has a market capitalization of $55.13 billion, a P/E ratio of 29.74, a PEG ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data 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%. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.56%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan's payout ratio is 23.26%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research reports. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $48.00 to $52.00 in a research report on Thursday, March 20th. Jefferies Financial Group raised Freeport-McMoRan from a "hold" rating to a "buy" rating and raised their target price for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Finally, Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.