Fractal Investments LLC Sells 24,297 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fractal Investments LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 67.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,568 shares of the natural resource company’s stock after selling 24,297 shares during the quarter. Fractal Investments LLC’s holdings in Freeport-McMoRan were worth $492,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $27,000. BluePath Capital Management LLC bought a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $28,000. Webster Bank N. A. grew its position in shares of Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after buying an additional 841 shares during the period. CVA Family Office LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $38,000. Finally, Orion Capital Management LLC bought a new position in Freeport-McMoRan in the third quarter valued at approximately $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.25 during midday trading on Wednesday, reaching $48.24. 11,808,498 shares of the company’s stock were exchanged, compared to its average volume of 13,907,176. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The stock’s 50-day simple moving average is $44.02 and its 200 day simple moving average is $40.14. The firm has a market cap of $69.20 billion, a price-to-earnings ratio of 37.98, a P/E/G ratio of 2.25 and a beta of 2.04. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $52.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the prior year, the business earned $0.52 EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.24%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Bernstein Bank boosted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. Raymond James raised their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. HSBC increased their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $49.77.

About Freeport-McMoRan

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.