Philadelphia Trust Co. lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 17.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 133,959 shares of the natural resource company's stock after selling 27,455 shares during the period. Philadelphia Trust Co.'s holdings in Freeport-McMoRan were worth $5,101,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after buying an additional 6,486,011 shares during the period. Amundi increased its position in shares of Freeport-McMoRan by 30.2% in the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after acquiring an additional 5,001,531 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Freeport-McMoRan by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after buying an additional 4,488,210 shares during the period. Assenagon Asset Management S.A. grew its stake in Freeport-McMoRan by 142.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company's stock valued at $162,964,000 after acquiring an additional 2,515,103 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company's stock valued at $1,348,522,000 after buying an additional 2,366,187 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Argus lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Scotiabank reduced their price target on Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a research report on Monday, April 7th. UBS Group lowered their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday. StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $49.12.
Read Our Latest Report on FCX
Freeport-McMoRan Stock Performance
Shares of FCX traded down $0.41 on Tuesday, reaching $33.34. 18,738,098 shares of the stock traded hands, compared to its average volume of 13,913,844. The firm has a market cap of $47.91 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $55.24. The stock's 50-day moving average price is $36.96 and its 200-day moving average price is $40.81. 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 (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.80%. Freeport-McMoRan's payout ratio is presently 23.26%.
Freeport-McMoRan Company Profile
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Free Report)
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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