Voloridge Investment Management LLC Decreases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Voloridge Investment Management LLC decreased 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 disclosure with the SEC. 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 SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the fourth quarter valued at about $25,000. Mizuho Bank Ltd. bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $26,000. Vision Financial Markets LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $27,000. Roxbury Financial LLC bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $29,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

FCX stock traded down $0.72 during mid-day trading on Wednesday, hitting $38.92. 7,677,526 shares of the stock were exchanged, compared to its average volume of 13,469,836. The business has a fifty day moving average price of $36.44 and a 200 day moving average price of $38.52. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $53.89. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The stock has a market capitalization of $55.93 billion, a price-to-earnings ratio of 30.17, a PEG ratio of 0.87 and a beta of 1.65.

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 for the quarter, beating 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%. Freeport-McMoRan's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. Freeport-McMoRan's payout ratio is 24.79%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FCX shares. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Scotiabank raised their price target on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a report on Wednesday, May 14th. Argus lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Finally, Raymond James reiterated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan 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.