Evergreen Capital Management LLC Sells 111,655 Shares of Freeport-McMoRan Inc. $FCX

Evergreen Capital Management LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 87.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,734 shares of the natural resource company’s stock after selling 111,655 shares during the period. Evergreen Capital Management LLC’s holdings in Freeport-McMoRan were worth $634,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FCX. Clough Capital Partners L P boosted its stake in shares of Freeport-McMoRan by 29.7% during the 1st quarter. Clough Capital Partners L P now owns 381,740 shares of the natural resource company’s stock worth $14,453,000 after buying an additional 87,360 shares during the last quarter. Magnetar Financial LLC boosted its stake in shares of Freeport-McMoRan by 1,113.0% during the 1st quarter. Magnetar Financial LLC now owns 71,022 shares of the natural resource company’s stock worth $2,689,000 after buying an additional 65,167 shares during the last quarter. Lansdowne Partners UK LLP boosted its stake in shares of Freeport-McMoRan by 100.1% during the 1st quarter. Lansdowne Partners UK LLP now owns 558,290 shares of the natural resource company’s stock worth $21,137,000 after buying an additional 279,328 shares during the last quarter. Lodge Hill Capital LLC boosted its stake in shares of Freeport-McMoRan by 135.1% during the 1st quarter. Lodge Hill Capital LLC now owns 587,820 shares of the natural resource company’s stock worth $22,255,000 after buying an additional 337,820 shares during the last quarter. Finally, Oarsman Capital Inc. boosted its stake in shares of Freeport-McMoRan by 3.3% during the 1st quarter. Oarsman Capital Inc. now owns 50,624 shares of the natural resource company’s stock worth $1,917,000 after buying an additional 1,640 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 0.1%

Shares of FCX stock opened at $44.42 on Monday. The firm has a 50 day moving average price of $43.34 and a two-hundred day moving average price of $39.65. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $63.78 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $0.46 earnings per share. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FCX shares. Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Morgan Stanley downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price for the company. Finally, BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating for the company in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.00.

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.