Fractal Investments LLC Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Fractal Investments LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 67.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in FCX. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after buying an additional 305,912 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Freeport-McMoRan by 4.2% in the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares during the period. Charles Schwab Investment Management Inc. increased its position in Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after purchasing an additional 102,466 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Freeport-McMoRan by 18.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,393,868 shares of the natural resource company’s stock worth $238,427,000 after purchasing an additional 986,703 shares during the period. Finally, Alphinity Investment Management Pty Ltd boosted its holdings in Freeport-McMoRan by 15.6% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 6,232,130 shares of the natural resource company’s stock valued at $265,302,000 after purchasing an additional 840,900 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.5 %

NYSE:FCX traded up $0.25 during trading hours on Wednesday, hitting $48.24. The company’s stock had a trading volume of 11,808,498 shares, compared to its average volume of 13,907,176. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.42. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $69.20 billion, a P/E ratio of 37.98, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The stock has a fifty day moving average of $44.02 and a 200-day moving average of $40.14.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is 23.62%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. HSBC boosted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Raymond James lifted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.77.

Freeport-McMoRan Profile

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.