Williams Jones Wealth Management LLC. Lowers Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Williams Jones Wealth Management LLC. trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 44.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,614 shares of the natural resource company's stock after selling 8,625 shares during the quarter. Williams Jones Wealth Management LLC.'s holdings in Freeport-McMoRan were worth $404,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after buying an additional 642,776 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after buying an additional 5,735,171 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock valued at $1,122,922,000 after buying an additional 688,240 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after buying an additional 2,191,926 shares during the period. Finally, Capital World Investors lifted its holdings in shares of Freeport-McMoRan by 3.2% in the 4th quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock valued at $916,037,000 after buying an additional 750,500 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on FCX shares. UBS Group reduced their price target on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Scotiabank lifted their price objective on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 14th. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Finally, Raymond James reaffirmed an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.36.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.47 during mid-day trading on Tuesday, hitting $39.49. 3,564,364 shares of the company were exchanged, compared to its average volume of 16,424,012. 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 business's 50 day simple moving average is $36.47 and its two-hundred day simple moving average is $38.51. The company has a market capitalization of $56.74 billion, a P/E ratio of 30.61, a PEG ratio of 0.87 and a beta of 1.65. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $53.89.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate 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 was down 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

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.