Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Trimmed by USS Investment Management Ltd

USS Investment Management Ltd reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,304 shares of the natural resource company's stock after selling 30,095 shares during the period. USS Investment Management Ltd's holdings in Freeport-McMoRan were worth $10,529,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FCX. Madison Investment Advisors LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth $3,388,000. Vanguard Group Inc. increased its position in Freeport-McMoRan by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after buying an additional 642,776 shares in the last quarter. Wellington Management Group LLP increased its position in Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Freeport-McMoRan by 5.4% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company's stock worth $6,075,000 after buying an additional 8,195 shares in the last quarter. Finally, PGGM Investments increased its position in Freeport-McMoRan by 220.3% during the fourth quarter. PGGM Investments now owns 40,467 shares of the natural resource company's stock worth $1,541,000 after buying an additional 27,834 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. BMO Capital Markets dropped their price target 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. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Raymond James restated an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a report on Wednesday, April 16th. 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 stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $48.36.

Freeport-McMoRan Stock Up 3.6%

Shares of FCX traded up $1.34 during midday trading on Friday, reaching $39.04. 15,293,626 shares of the company were exchanged, compared to its average volume of 13,486,604. The stock has a 50-day moving average price of $36.49 and a 200-day moving average price of $38.69. The company has a market cap of $56.10 billion, a price-to-earnings ratio of 30.26, a P/E/G ratio of 0.87 and a beta of 1.65. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $53.89. 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 data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced 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 1.54%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's payout ratio is 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.