CoreCap Advisors LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

CoreCap Advisors LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 21.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,847 shares of the natural resource company’s stock after selling 794 shares during the quarter. CoreCap Advisors LLC’s holdings in Freeport-McMoRan were worth $108,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCX. Asset Planning Inc purchased a new position in Freeport-McMoRan during the 4th quarter valued at $25,000. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan during the 4th quarter valued at $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares during the period. Finally, Roxbury Financial LLC purchased a new position in Freeport-McMoRan during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.9%

Shares of FCX stock opened at $39.47 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $55.24. The stock’s fifty day moving average price is $36.35 and its 200 day moving average price is $39.07. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company has a market cap of $56.72 billion, a price-to-earnings ratio of 30.60, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the business earned $0.32 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.52%. Freeport-McMoRan’s payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent analyst reports. Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Raymond James restated an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.09.

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.