Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,109,519 shares of the natural resource company's stock after selling 38,786 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.15% of Freeport-McMoRan worth $89,810,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC acquired a new stake in Freeport-McMoRan during the third quarter worth $28,000. Webster Bank N. A. increased its stake in Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company's stock worth $36,000 after acquiring an additional 841 shares during the last quarter. CVA Family Office LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $38,000. Finally, Orion Capital Management LLC acquired a new stake in Freeport-McMoRan during the third quarter worth $40,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FCX. Scotiabank cut their target price on Freeport-McMoRan from $55.00 to $53.00 and set a "sector outperform" rating for the company in a research note on Wednesday. Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Royal Bank of Canada reissued a "sector perform" rating and set a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a "hold" rating in a research note on Tuesday, April 23rd. Finally, Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.07.

Freeport-McMoRan Stock Up 2.2 %

NYSE:FCX traded up $1.10 during midday trading on Friday, reaching $50.50. The company had a trading volume of 19,037,059 shares, compared to its average volume of 16,097,275. The firm has a market capitalization of $72.44 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 8.18 and a beta of 2.04. The stock's fifty day simple moving average is $44.70 and its 200-day simple moving average is $40.40. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.42. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan's revenue was up 17.3% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 26.55%.

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.