Allianz SE Trims Position in Freeport-McMoRan Inc. $FCX

Allianz SE lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% during the fourth quarter, HoldingsChannel reports. The firm owned 182,346 shares of the natural resource company’s stock after selling 7,433 shares during the quarter. Allianz SE’s holdings in Freeport-McMoRan were worth $9,261,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Leo Wealth LLC lifted its stake in shares of Freeport-McMoRan by 2.5% during the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after purchasing an additional 170 shares during the period. Physician Wealth Advisors Inc. raised its position in shares of Freeport-McMoRan by 23.5% in the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock worth $47,000 after buying an additional 176 shares during the period. Castle Rock Wealth Management LLC raised its position in shares of Freeport-McMoRan by 3.3% in the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock worth $289,000 after buying an additional 180 shares during the period. GW&K Investment Management LLC raised its position in shares of Freeport-McMoRan by 11.1% in the 4th quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock worth $93,000 after buying an additional 184 shares during the period. Finally, Private Trust Co. NA raised its position in shares of Freeport-McMoRan by 6.7% in the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock worth $158,000 after buying an additional 195 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $68.28 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $64.24 and its two-hundred day moving average price is $59.05. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.09. The stock has a market capitalization of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.80 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the company posted $0.24 earnings per share. Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FCX shares. HSBC increased their target price on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday. Wells Fargo & Company cut their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Bank of America increased their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Scotiabank cut their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, April 24th. Finally, Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Two investment 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.86.

Freeport-McMoRan Profile

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.