Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Fmr LLC

Fmr LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 37,055,475 shares of the natural resource company’s stock after selling 13,171,899 shares during the quarter. Fmr LLC’s holdings in Freeport-McMoRan were worth $1,411,072,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Asset Planning Inc acquired a new position in Freeport-McMoRan during the 4th quarter worth $25,000. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC acquired a new position in Freeport-McMoRan in the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC increased its holdings in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $28,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FCX. Scotiabank lowered their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.61.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $29.14 on Monday. Freeport-McMoRan Inc. has a 12-month low of $27.25 and a 12-month 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. The company has a market cap of $41.88 billion, a PE ratio of 22.59, a P/E/G ratio of 0.87 and a beta of 1.71. The stock has a 50 day simple moving average of $37.75 and a 200-day simple moving average of $41.71.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.06%. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.

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.