IHT Wealth Management LLC Sells 13,638 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

IHT Wealth Management LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 35.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,945 shares of the natural resource company’s stock after selling 13,638 shares during the period. IHT Wealth Management LLC’s holdings in Freeport-McMoRan were worth $950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Amundi lifted its stake in Freeport-McMoRan by 30.2% in the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after acquiring an additional 5,001,531 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Freeport-McMoRan by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after acquiring an additional 4,488,210 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Freeport-McMoRan by 142.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after purchasing an additional 2,515,103 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.2 %

FCX stock opened at $35.16 on Thursday. The stock has a market capitalization of $50.53 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $36.35 and a 200 day moving average of $40.18.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.71%. Freeport-McMoRan’s dividend payout ratio is currently 23.26%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FCX. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, April 4th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.33.

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.