Two Sigma Investments LP Sells 1,172,666 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Two Sigma Investments LP cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 62.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 709,225 shares of the natural resource company's stock after selling 1,172,666 shares during the quarter. Two Sigma Investments LP's holdings in Freeport-McMoRan were worth $27,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Coppell Advisory Solutions LLC increased its holdings in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares in the last quarter. PFG Investments LLC increased its holdings in shares of Freeport-McMoRan by 1.3% during the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company's stock valued at $872,000 after acquiring an additional 283 shares in the last quarter. Palogic Value Management L.P. increased its holdings in shares of Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock valued at $772,000 after acquiring an additional 292 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Freeport-McMoRan by 0.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock valued at $1,451,000 after acquiring an additional 309 shares in the last quarter. Finally, Inspire Advisors LLC increased its holdings in shares of Freeport-McMoRan by 2.6% during the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company's stock valued at $494,000 after acquiring an additional 325 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

FCX stock traded up $1.34 during midday trading on Friday, hitting $39.04. The company's stock had a trading volume of 15,293,626 shares, compared to its average volume of 13,502,012. The stock's 50-day moving average price is $36.49 and its 200 day moving average price is $38.63. 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 $53.89. The stock has a market cap of $56.10 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 0.87 and a beta of 1.65.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared 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. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. 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. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Jefferies Financial Group reiterated a "buy" rating and set a $50.00 price target (up previously from $48.00) 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 target for the company in a report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.