ING Groep NV trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 20.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 190,273 shares of the natural resource company’s stock after selling 49,639 shares during the quarter. ING Groep NV’s holdings in Freeport-McMoRan were worth $9,664,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the company. Modus Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $40,000. Valtrion Capital Management LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $296,000. XML Financial LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $247,000. Havemeyer Place LP purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $3,911,000. Finally, Lowe Brockenbrough & Co. Inc. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $249,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Price Performance
FCX stock opened at $63.37 on Monday. The company has a market capitalization of $91.10 billion, a P/E ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The business has a 50 day simple moving average of $63.48 and a 200-day simple moving average of $58.31. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.
Freeport-McMoRan Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.
Analyst Upgrades and Downgrades
FCX has been the topic of a number of recent research reports. UBS Group upped their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. The Goldman Sachs Group increased their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Bank of America increased their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.04.
View Our Latest Analysis on FCX
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
Featured Stories
- Five stocks we like better than Freeport-McMoRan
- These 3 Insurance Stocks Made New 52-Week Highs: Still Time to Buy?
- 3 Stocks Under $20 to Buy Before a Broader Market Rally
- Petco Faces Tough Competition, But Momentum Is Building
- The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on It
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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.
