Graham Capital Management L.P. Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Graham Capital Management L.P. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,584 shares of the natural resource company's stock after selling 14,620 shares during the period. Graham Capital Management L.P.'s holdings in Freeport-McMoRan were worth $1,698,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Asset Planning Inc purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC raised its position in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth $28,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

FCX traded up $0.36 on Tuesday, hitting $39.47. 11,878,557 shares of the company were exchanged, compared to its average volume of 13,698,973. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $55.24. The firm has a market capitalization of $56.72 billion, a P/E ratio of 30.60, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The business's fifty day moving average is $36.31 and its 200 day moving average is $39.06. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates 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 in the previous year, the firm earned $0.32 EPS. As a group, 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 declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FCX. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. UBS Group lowered their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Scotiabank cut their price target on Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a research note on Monday, April 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.09.

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.