Cadinha & Co. LLC Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Cadinha & Co. LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 40.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 278,612 shares of the natural resource company's stock after selling 185,510 shares during the quarter. Freeport-McMoRan comprises 2.3% of Cadinha & Co. LLC's investment portfolio, making the stock its 20th largest holding. Cadinha & Co. LLC's holdings in Freeport-McMoRan were worth $10,548,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares during the period. Geneos Wealth Management Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $278,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Freeport-McMoRan by 14.3% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,875 shares of the natural resource company's stock valued at $414,000 after acquiring an additional 1,361 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Freeport-McMoRan by 20.0% during the 4th quarter. Blue Trust Inc. now owns 11,412 shares of the natural resource company's stock valued at $435,000 after acquiring an additional 1,899 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Freeport-McMoRan by 11.4% during the 4th quarter. Pacer Advisors Inc. now owns 136,799 shares of the natural resource company's stock valued at $5,209,000 after acquiring an additional 14,023 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FCX. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.36.

Freeport-McMoRan Trading Down 1.5%

Shares of FCX traded down $0.57 during mid-day trading on Friday, hitting $38.46. 17,234,797 shares of the company's stock traded hands, compared to its average volume of 13,450,098. 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 Inc. has a 1 year low of $27.66 and a 1 year high of $53.15. The firm has a market capitalization of $55.27 billion, a P/E ratio of 29.81, a PEG ratio of 0.87 and a beta of 1.65. The business's 50-day moving average price is $36.27 and its 200-day moving average price is $38.41.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the previous year, the firm earned $0.32 earnings per share. The business's revenue was down 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared 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 1.56%. Freeport-McMoRan's payout ratio is 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.