Freeport-McMoRan Inc. (NYSE:FCX) Position Reduced by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 48.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 90,317 shares of the natural resource company's stock after selling 84,621 shares during the quarter. Brevan Howard Capital Management LP's holdings in Freeport-McMoRan were worth $3,439,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 0.5% during the fourth 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of 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 valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Geode Capital Management LLC grew its stake 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 worth $1,122,922,000 after purchasing an additional 688,240 shares during the last quarter. Franklin Resources Inc. raised 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 worth $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. Finally, Capital World Investors lifted its stake in Freeport-McMoRan by 3.2% during the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock valued at $916,037,000 after purchasing an additional 750,500 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 0.7 %

Shares of NYSE:FCX opened at $37.34 on Tuesday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $55.24. The firm has a fifty day moving average price of $36.18 and a 200 day moving average price of $39.40. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $53.66 billion, a PE ratio of 28.95, a P/E/G ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $5.36 billion. During the same quarter in the prior year, the firm posted $0.32 EPS. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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 $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is 24.79%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FCX shares. BMO Capital Markets decreased their price target 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. StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Scotiabank cut their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a research report on Monday, April 7th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $48.09.

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.

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