Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Blue Trust Inc.

Blue Trust Inc. lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] – Free Report[2]) by 13.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,134 shares of the natural resource company’s stock after selling 480 shares during the quarter. Blue Trust Inc.’s holdings in Freeport-McMoRan were worth £133,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FCX. Price T Rowe Associates Inc. MD increased its holdings in shares of Freeport-McMoRan by 102.9% during the first quarter.

Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock valued at £355,838,000 after acquiring an additional 4,410,429 shares in the last quarter. Capital Wealth Planning LLC acquired a new position in Freeport-McMoRan in the 3rd quarter worth approximately £160,160,000.

Mizuho Markets Americas LLC acquired a new position in Freeport-McMoRan in the 3rd quarter worth approximately £141,407,000. Imprint Wealth LLC increased its holdings in Freeport-McMoRan by 1,678.9% in the 2nd quarter. Imprint Wealth LLC now owns 2,098,587 shares of the natural resource company’s stock worth £209,859,000 after buying an additional 1,980,616 shares during the period.

Finally, Alphinity Investment Management Pty Ltd increased its holdings in Freeport-McMoRan by 57.4% in the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth £201,039,000 after buying an additional 1,965,987 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.3 %

Shares of NYSE:FCX[3] opened at £48.40 on Wednesday.

Freeport-McMoRan Inc. has a 1 year low of £32.83 and a 1 year high of £48.83. The firm has a market capitalization of £69.43 billion, a price-to-earnings ratio of 38.11 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38.

The business’s 50 day moving average price is £40.82 and its 200-day moving average price is £38.81.

Freeport-McMoRan (NYSE:FCX[4] – Get Free Report[5]) last announced its earnings results on Wednesday, January 24th. The natural resource company reported £0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of £0.23 by £0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%.

The firm had revenue of £5.91 billion for the quarter, compared to analyst estimates of £5.85 billion. During the same quarter last year, the firm posted £0.52 EPS. The business’s revenue was up 2.6% on a year-over-year basis.

On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.53 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a £0.15 dividend. The ex-dividend date is Friday, April 12th.

This represents a £0.60 dividend on an annualized basis and a yield of 1.24%. Freeport-McMoRan’s payout ratio is currently 23.62%.

Wall Street Analyst Weigh In

FCX has been the topic of several research reports. Eight Capital set a £55.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Wednesday, December 6th.

UBS Group cut their price target on shares of Freeport-McMoRan from £42.00 to £41.00 and set a “neutral” rating on the stock in a report on Wednesday, December 13th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the stock from £41.00 to £48.50 in a report on Monday, January 8th.

Raymond James increased their price target on shares of Freeport-McMoRan from £42.00 to £43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Finally, Morgan Stanley lowered their price objective on Freeport-McMoRan from £41.00 to £40.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock.

According to MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of £44.95. Get Our Latest Research Report on FCX[6]

About Freeport-McMoRan

(Free Report[7]) 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.

Receive News & Ratings for Freeport-McMoRan Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Freeport-McMoRan and related companies with MarketBeat.com’s FREE daily email newsletter[8].

References

1. ^ NYSE:FCX (www.marketbeat.com)
2. ^ Free Report (www.marketbeat.com)
3. ^ NYSE:FCX (www.marketbeat.com)
4. ^ NYSE:FCX (www.marketbeat.com)
5. ^ Get Free Report (www.marketbeat.com)
6. ^ Get Our Latest Research Report on FCX (www.marketbeat.com)
7. ^ Free Report (www.marketbeat.com)
8. ^ MarketBeat.com’s FREE daily email newsletter (www.defenseworld.net)