Prudential Financial Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,942,817 shares of the natural resource company's stock after selling 74,369 shares during the period. Prudential Financial Inc. owned 0.14% of Freeport-McMoRan worth $73,982,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sanctuary Advisors LLC lifted its holdings in Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock valued at $8,219,000 after purchasing an additional 14,501 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Freeport-McMoRan in the third quarter valued at about $754,000. Madison Investment Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $3,388,000. Principal Financial Group Inc. lifted its stake 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 worth $84,085,000 after buying an additional 66,699 shares during the last quarter. Finally, Czech National Bank boosted its holdings in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock worth $11,864,000 after buying an additional 18,852 shares during the period. 80.77% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on FCX shares. Scotiabank lowered their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a report on Friday, January 24th. Jefferies Financial Group raised Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price target for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. raised Freeport-McMoRan from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Finally, StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, March 20th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $52.04.
View Our Latest Report on Freeport-McMoRan
Freeport-McMoRan Price Performance
NYSE FCX traded down $1.62 on Friday, hitting $38.36. 20,221,875 shares of the company's stock were exchanged, compared to its average volume of 13,413,076. The stock has a 50-day moving average of $38.14 and a 200-day moving average of $41.97. The stock has a market cap of $55.13 billion, a price-to-earnings ratio of 29.74, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data 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%. Analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors 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 1.56%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 23.26%.
Freeport-McMoRan 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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