Beaconlight Capital LLC Sells 72,192 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Beaconlight Capital LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 34.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,897 shares of the natural resource company's stock after selling 72,192 shares during the period. Freeport-McMoRan accounts for approximately 1.9% of Beaconlight Capital LLC's investment portfolio, making the stock its 18th largest holding. Beaconlight Capital LLC's holdings in Freeport-McMoRan were worth $5,137,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. World Investment Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $246,000. Wilmington Savings Fund Society FSB acquired a new stake in Freeport-McMoRan during the third quarter valued at approximately $754,000. Franklin Resources Inc. boosted its holdings in Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company's stock worth $1,348,522,000 after buying an additional 2,366,187 shares in the last quarter. Retirement Systems of Alabama grew its position in Freeport-McMoRan by 0.6% in the third quarter. Retirement Systems of Alabama now owns 318,822 shares of the natural resource company's stock worth $15,916,000 after buying an additional 1,947 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company's stock valued at $84,085,000 after acquiring an additional 66,699 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a report on Wednesday, April 16th. Finally, Raymond James reissued an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research note on Friday, April 25th. Five 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 company's stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $48.09.

Freeport-McMoRan Stock Performance

FCX traded up $0.63 during trading on Tuesday, hitting $37.98. The stock had a trading volume of 9,763,600 shares, compared to its average volume of 13,717,728. The firm has a market cap of $54.59 billion, a PE ratio of 29.45, a P/E/G ratio of 0.87 and a beta of 1.65. The company has a 50 day simple moving average of $36.18 and a 200-day simple moving average of $39.40. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS 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 company 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 posted $0.32 EPS. The company's revenue for the quarter was down 9.4% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given 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 currently 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.