Freeport-McMoRan Inc. $FCX Shares Sold by Capital Group Private Client Services Inc.

Capital Group Private Client Services Inc. lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 95.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,702 shares of the natural resource company’s stock after selling 134,001 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Freeport-McMoRan were worth $290,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth about $38,000. Modus Advisors LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth about $40,000. Key Financial Inc raised its position in Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares during the last quarter. JPL Wealth Management LLC acquired a new position in Freeport-McMoRan during the third quarter worth about $33,000. Finally, Laurel Wealth Advisors LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth about $43,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Sanford C. Bernstein cut their price objective on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a research report on Friday, April 24th. Stifel Nicolaus boosted their price objective on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Wells Fargo & Company cut their price objective on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. UBS Group boosted their price objective on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, The Goldman Sachs Group boosted their price objective on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.04.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $63.37 on Monday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09. The firm has a 50 day moving average price of $63.48 and a 200 day moving average price of $58.31. The company has a market cap of $91.10 billion, a price-to-earnings ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. Freeport-McMoRan’s revenue was up 8.8% compared to the same quarter last year. Sell-side analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.