Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Snowden Capital Advisors LLC

Snowden Capital Advisors LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,008 shares of the natural resource company’s stock after selling 4,004 shares during the period. Snowden Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $2,437,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock valued at $4,692,191,000 after buying an additional 642,776 shares during the period. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after acquiring an additional 5,735,171 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Freeport-McMoRan by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after acquiring an additional 688,240 shares during the period. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. Finally, Capital World Investors grew its stake in shares of Freeport-McMoRan by 3.2% during the 4th quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company’s stock worth $916,037,000 after purchasing an additional 750,500 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on FCX shares. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Scotiabank upped their price target on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a “sector perform” rating in a report on Wednesday. Raymond James reaffirmed an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. 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.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $48.36.

Freeport-McMoRan Stock Down 1.2%

FCX opened at $38.01 on Friday. The business’s fifty day simple moving average is $36.51 and its 200 day simple moving average is $38.90. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $55.24. The firm has a market cap of $54.63 billion, a P/E ratio of 29.47, a PEG ratio of 0.87 and a beta of 1.65. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

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

Freeport-McMoRan Announces Dividend

The firm 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 24.79%.

Freeport-McMoRan Company Profile

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.