NuWave Investment Management LLC lowered its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 49.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,571 shares of the natural resource company’s stock after selling 4,397 shares during the period. NuWave Investment Management LLC’s holdings in Freeport-McMoRan were worth $59,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Intrust Bank NA boosted its stake in Freeport-McMoRan by 85.4% during the 4th quarter. Intrust Bank NA now owns 29,668 shares of the natural resource company’s stock worth $305,000 after purchasing an additional 13,664 shares during the period. Gateway Investment Advisers LLC boosted its stake in Freeport-McMoRan by 8.4% during the 4th quarter. Gateway Investment Advisers LLC now owns 67,882 shares of the natural resource company’s stock worth $700,000 after purchasing an additional 5,256 shares during the period. Sentry Investment Management LLC boosted its stake in Freeport-McMoRan by 9.8% during the 4th quarter. Sentry Investment Management LLC now owns 94,760 shares of the natural resource company’s stock worth $977,000 after purchasing an additional 8,438 shares during the period. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after purchasing an additional 5,375,340 shares during the period. Finally, Morgan Stanley boosted its stake in Freeport-McMoRan by 32.1% during the 3rd quarter. Morgan Stanley now owns 6,360,492 shares of the natural resource company’s stock worth $88,539,000 after purchasing an additional 1,546,116 shares during the period. Hedge funds and other institutional investors own 70.77% of the company’s stock.
Shares of Freeport-McMoRan stock opened at $13.70 on Friday. The firm has a market cap of $19.43 billion, a price-to-earnings ratio of 9.01 and a beta of 2.26. The company has a quick ratio of 1.79, a current ratio of 3.22 and a debt-to-equity ratio of 0.62. Freeport-McMoRan Inc has a one year low of $9.60 and a one year high of $19.70.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.07). The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.86 billion. Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.77%. The business’s revenue for the quarter was down 26.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc will post 0.5 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.46%. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Monday, April 8th. Barclays upped their price objective on shares of Freeport-McMoRan from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 9th. Morgan Stanley downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 13th. ValuEngine upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 10th. Finally, Raymond James restated a “market perform” rating and set a $16.00 price objective on shares of Freeport-McMoRan in a research report on Monday, December 24th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $15.57.
In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of the stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $11.58, for a total value of $85,981.50. Following the completion of the transaction, the vice president now owns 67,974 shares in the company, valued at approximately $787,138.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.05% of the company’s stock.
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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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