CoreCommodity Management LLC Lowers Position in Freeport-McMoRan Inc. (NYSE:FCX)

CoreCommodity Management LLC trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 30.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,104 shares of the natural resource company's stock after selling 23,967 shares during the period. CoreCommodity Management LLC's holdings in Freeport-McMoRan were worth $2,098,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Asset Planning Inc bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan during the 4th quarter valued at approximately $26,000. Vision Financial Markets LLC bought a new stake in Freeport-McMoRan in the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $28,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group restated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Scotiabank lowered their price target on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 7th. Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.09.

Freeport-McMoRan Stock Performance

FCX stock opened at $37.98 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. The firm has a market cap of $54.59 billion, a price-to-earnings ratio of 29.45, a PEG ratio of 0.87 and a beta of 1.65. The business's fifty day simple moving average is $36.19 and its two-hundred day simple moving average is $39.39. 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 - Get Free Report) last posted 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. The company had revenue of $5.73 billion for 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 firm's revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.58%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 24.79%.

Freeport-McMoRan 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.

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