Two Sigma Advisers LP Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Two Sigma Advisers LP cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 83.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 656,100 shares of the natural resource company's stock after selling 3,338,700 shares during the quarter. Two Sigma Advisers LP's holdings in Freeport-McMoRan were worth $24,984,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Asset Planning Inc acquired a new position in Freeport-McMoRan in the fourth quarter valued at $25,000. Mizuho Bank Ltd. acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Roxbury Financial LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $29,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 3.6%

Shares of FCX traded up $1.34 on Friday, hitting $39.04. 15,293,626 shares of the stock traded hands, compared to its average volume of 13,486,604. 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 $56.10 billion, a P/E ratio of 30.26, a P/E/G ratio of 0.87 and a beta of 1.65. The stock's 50 day moving average is $36.49 and its two-hundred day moving average is $38.69. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $53.89.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data 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 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 company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 earnings per share. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FCX shares. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Friday, January 24th. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price 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. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.36.

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.