Parsons Capital Management Inc. RI Has $827,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Parsons Capital Management Inc. RI trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,594 shares of the natural resource company’s stock after selling 727 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Freeport-McMoRan were worth $827,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its stake in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $32,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $35,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on FCX. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Scotiabank cut their target price on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research report on Wednesday. Raymond James lifted their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. Argus increased their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Bernstein Bank raised their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Up 2.2 %

Shares of NYSE:FCX traded up $1.10 during midday trading on Friday, hitting $50.50. 19,037,059 shares of the company’s stock were exchanged, compared to its average volume of 16,097,275. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42. The company has a market cap of $72.44 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 8.18 and a beta of 2.04. The stock has a 50 day moving average price of $44.70 and a 200-day moving average price of $40.40.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.