1832 Asset Management L.P. Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

1832 Asset Management L.P. trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 91.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,230 shares of the natural resource company’s stock after selling 66,920 shares during the period. 1832 Asset Management L.P.’s holdings in Freeport-McMoRan were worth $265,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Boston Partners lifted its holdings in shares of Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after acquiring an additional 5,311,538 shares during the last quarter. Mizuho Markets Americas LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at about $141,407,000. AustralianSuper Pty Ltd bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $66,993,000. TD Asset Management Inc increased its holdings in shares of Freeport-McMoRan by 35.0% in the fourth quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock worth $245,963,000 after buying an additional 1,498,259 shares during the period. Finally, Penserra Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 16,058.7% in the 3rd quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock valued at $55,947,000 after acquiring an additional 1,491,053 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.5 %

NYSE:FCX opened at $50.01 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm’s 50-day moving average price is $50.83 and its 200-day moving average price is $43.95. The company has a market capitalization of $71.73 billion, a PE ratio of 44.20, a P/E/G ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 6.97% and a return on equity of 7.17%. The business’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of analyst reports. Scotiabank lifted their price target on Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. Raymond James upped their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Argus raised their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Finally, Bernstein Bank raised their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.47.

Read Our Latest Research Report on FCX

Insider Buying and Selling

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the sale, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock worth $22,755,070 in the last quarter. Corporate insiders own 0.79% of the company’s stock.

About Freeport-McMoRan

(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.

See Also

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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