Brasada Capital Management LP Sells 8,500 Shares of Freeport-McMoRan Inc. $FCX

Brasada Capital Management LP lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 45.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the natural resource company’s stock after selling 8,500 shares during the period. Brasada Capital Management LP’s holdings in Freeport-McMoRan were worth $508,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. KBC Group NV increased its holdings in shares of Freeport-McMoRan by 49.0% in the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after buying an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $8,857,000. Wellington Management Group LLP increased its holdings in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the period. Dynamic Technology Lab Private Ltd increased its holdings in shares of Freeport-McMoRan by 426.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock worth $3,212,000 after buying an additional 66,331 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its holdings in shares of Freeport-McMoRan by 175.4% in the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after buying an additional 878,760 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.9%

Shares of NYSE:FCX opened at $68.28 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09. The company has a market cap of $98.15 billion, a PE ratio of 36.32, a P/E/G ratio of 0.82 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock’s 50-day moving average is $64.24 and its 200 day moving average is $59.05.

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

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Barclays assumed coverage on Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target on the stock. Citigroup reduced their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.