Parsons Capital Management Inc. RI Cuts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Parsons Capital Management Inc. RI reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 17,594 shares of the natural resource company’s stock after selling 727 shares during the period. Parsons Capital Management Inc. RI’s holdings in Freeport-McMoRan were worth $827,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. CM Management LLC grew its holdings in shares of Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC grew its stake in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after buying an additional 20,894 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after buying an additional 102,466 shares in the last quarter. Cadinha & Co. LLC raised its position in shares of Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after buying an additional 240,340 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its holdings in shares of 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 valued at $201,039,000 after acquiring an additional 1,965,987 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.2 %

FCX traded up $1.10 on Friday, reaching $50.50. 19,037,059 shares of the company traded hands, compared to its average volume of 16,097,275. The company has a market cap of $72.44 billion, a P/E ratio of 44.69, a price-to-earnings-growth ratio of 8.18 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $52.42. The firm has a fifty day simple moving average of $44.70 and a two-hundred day simple moving average of $40.40.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results 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 business had revenue of $6.32 billion for 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 company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Bernstein Bank boosted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Raymond James boosted their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

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.