Sourcerock Group LLC Trims Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Sourcerock Group LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 553,409 shares of the natural resource company's stock after selling 182,591 shares during the period. Freeport-McMoRan accounts for approximately 1.5% of Sourcerock Group LLC's holdings, making the stock its 14th biggest holding. Sourcerock Group LLC's holdings in Freeport-McMoRan were worth $21,074,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in FCX. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after acquiring an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after buying an additional 5,735,171 shares during the period. Amundi lifted its position in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock valued at $857,305,000 after buying an additional 5,001,531 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock valued at $619,682,000 after buying an additional 4,488,210 shares during the period. Finally, Franklin Resources Inc. lifted its position in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after buying an additional 2,191,926 shares during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

FCX traded down $0.35 during midday trading on Wednesday, hitting $38.05. 11,011,325 shares of the company traded hands, compared to its average volume of 13,559,993. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $54.68 billion, a PE ratio of 29.50, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The company's 50-day moving average is $36.55 and its 200 day moving average is $38.80. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $53.89.

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. The business had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 1.58%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FCX shares. Scotiabank raised their price objective on Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 14th. JPMorgan Chase & Co. lowered their price objective 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. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. 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 report on Friday, January 24th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.36.

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.