The Manufacturers Life Insurance Company Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

The Manufacturers Life Insurance Company trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,983,810 shares of the natural resource company's stock after selling 164,831 shares during the period. The Manufacturers Life Insurance Company owned about 0.21% of Freeport-McMoRan worth $113,623,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Optiver Holding B.V. lifted its holdings in shares of Freeport-McMoRan by 4,239.2% during the 4th quarter. Optiver Holding B.V. now owns 4,209 shares of the natural resource company's stock worth $160,000 after acquiring an additional 4,112 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $6,275,000. Coldstream Capital Management Inc. lifted its holdings in shares of Freeport-McMoRan by 1.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 25,691 shares of the natural resource company's stock worth $978,000 after acquiring an additional 467 shares during the period. Arkos Global Advisors purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $225,000. Finally, Kovitz Investment Group Partners LLC raised its holdings in Freeport-McMoRan by 14.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 55,494 shares of the natural resource company's stock valued at $2,113,000 after buying an additional 7,193 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FCX shares. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Raymond James restated an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a report on Friday. UBS Group cut their price target on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.09.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $37.25 on Tuesday. 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 Inc. has a one year low of $27.66 and a one year high of $55.24. The company's 50-day simple moving average is $36.24 and its 200-day simple moving average is $39.79. The stock has a market capitalization of $53.53 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data 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 firm 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%. Freeport-McMoRan's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 earnings per share. Equities analysts anticipate 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 will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.61%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

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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