Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Anchor Capital Advisors LLC

Anchor Capital Advisors LLC lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 171,604 shares of the natural resource company’s stock after selling 9,257 shares during the quarter. Anchor Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $7,305,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $27,000. BluePath Capital Management LLC purchased a new position in Freeport-McMoRan during the 3rd quarter worth approximately $28,000. Webster Bank N. A. grew its position in Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares in the last quarter. CVA Family Office LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $38,000. Finally, Orion Capital Management LLC purchased a new position in Freeport-McMoRan during the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Raymond James lifted their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. 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 lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Performance

FCX stock traded down $1.47 during trading hours on Tuesday, reaching $50.94. The stock had a trading volume of 4,315,056 shares, compared to its average volume of 14,002,478. The stock has a market capitalization of $73.07 billion, a PE ratio of 46.38, a price-to-earnings-growth ratio of 8.18 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The stock has a 50-day simple moving average of $44.97 and a 200 day simple moving average of $40.51. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.52.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.