Voloridge Investment Management LLC Sells 473,438 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Voloridge Investment Management LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 55.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 381,653 shares of the natural resource company's stock after selling 473,438 shares during the period. Voloridge Investment Management LLC's holdings in Freeport-McMoRan were worth $14,533,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP grew its position in Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after acquiring an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after acquiring an additional 5,735,171 shares during the last quarter. Amundi grew its position in Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after acquiring an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Freeport-McMoRan by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after acquiring an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after acquiring an additional 2,191,926 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $0.01 during midday trading on Thursday, reaching $38.89. 3,106,387 shares of the company's stock were exchanged, compared to its average volume of 13,423,408. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $53.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The firm has a market cap of $55.88 billion, a price-to-earnings ratio of 30.10, a P/E/G ratio of 0.87 and a beta of 1.65. The stock's 50-day simple moving average is $36.42 and its 200 day simple moving average is $38.52.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion during 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 business's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the business posted $0.32 earnings per share. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.54%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FCX shares. UBS Group decreased their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock 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 target on the stock in a research note on Wednesday, April 16th. Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Finally, Scotiabank increased their price target on Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 14th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average price target of $48.36.

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.