Natixis trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 2.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,066,513 shares of the natural resource company’s stock after selling 22,959 shares during the period. Natixis owned about 0.07% of Freeport-McMoRan worth $40,527,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the business. Chelsea Counsel Co. lifted its stake in Freeport-McMoRan by 3.3% in the 4th quarter. Chelsea Counsel Co. now owns 15,560 shares of the natural resource company’s stock valued at $591,000 after purchasing an additional 500 shares during the last quarter. CVA Family Office LLC lifted its stake in Freeport-McMoRan by 354.9% in the 4th quarter. CVA Family Office LLC now owns 2,584 shares of the natural resource company’s stock valued at $98,000 after purchasing an additional 2,016 shares during the last quarter. Macquarie Group Ltd. lifted its stake in Freeport-McMoRan by 500.0% in the 4th quarter. Macquarie Group Ltd. now owns 504,002 shares of the natural resource company’s stock valued at $19,152,000 after purchasing an additional 420,008 shares during the last quarter. Wallace Advisory Group LLC acquired a new stake in Freeport-McMoRan in the 4th quarter valued at about $557,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Freeport-McMoRan by 7.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 963,770 shares of the natural resource company’s stock valued at $36,623,000 after purchasing an additional 66,703 shares during the last quarter. 77.12% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Raymond James cut their price objective on shares of Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating for the company in a research report on Sunday, April 23rd. UBS Group raised their price objective on shares of Freeport-McMoRan from $32.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, February 27th. Barclays raised their price objective on shares of Freeport-McMoRan from $24.00 to $29.00 and gave the stock an “underweight” rating in a research report on Friday, April 21st. Finally, Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $41.00 to $50.00 in a research report on Tuesday, March 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.42.
Insiders Place Their Bets
Freeport-McMoRan Stock Performance
Shares of NYSE:FCX opened at $39.92 on Friday. The company’s 50 day simple moving average is $37.60 and its 200 day simple moving average is $39.67. The stock has a market capitalization of $57.22 billion, a price-to-earnings ratio of 22.30 and a beta of 2.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.79 and a quick ratio of 1.71. Freeport-McMoRan Inc. has a 1 year low of $24.80 and a 1 year high of $46.73.
Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its quarterly earnings data on Friday, April 21st. The natural resource company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. The business had revenue of $5.39 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Freeport-McMoRan had a net margin of 12.07% and a return on equity of 11.07%. The firm’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.79 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, May 1st. Shareholders of record on Friday, April 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, April 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.50%. Freeport-McMoRan’s payout ratio is presently 16.76%.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining, Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining, and Corporate and Other. The North America Copper Mines segment operates open-pit copper mines in Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona and Chino and Tyrone in New Mexico.
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