Brasada Capital Management LP decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 45.9% during the fourth quarter, Holdings Channel reports. The fund owned 10,000 shares of the natural resource company’s stock after selling 8,500 shares during the period. Brasada Capital Management LP’s holdings in Freeport-McMoRan were worth $508,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $38,000. Modus Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $40,000. Key Financial Inc grew its holdings in shares of Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares during the period. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Analyst Ratings Changes
Several research firms recently weighed in on FCX. Scotiabank cut their price target on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, April 24th. HSBC upped their price target on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Bank of America upped their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, CICC Research cut their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.86.
Freeport-McMoRan Stock Performance
Freeport-McMoRan stock opened at $68.28 on Friday. The company has a market capitalization of $98.15 billion, a P/E ratio of 36.32, a PEG ratio of 0.82 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 company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $64.24 and its 200 day moving average is $59.05.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 EPS. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.
Freeport-McMoRan Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is 15.96%.
About Freeport-McMoRan
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.
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