Freeport-McMoRan Inc. $FCX Stake Decreased by Corecam Pte. Ltd.

Corecam Pte. Ltd. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 28.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 170,050 shares of the natural resource company’s stock after selling 67,644 shares during the quarter. Freeport-McMoRan comprises 4.5% of Corecam Pte. Ltd.’s investment portfolio, making the stock its 7th biggest position. Corecam Pte. Ltd.’s holdings in Freeport-McMoRan were worth $8,637,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Leo Wealth LLC boosted its position in 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. increased its holdings in Freeport-McMoRan by 23.5% in the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after purchasing an additional 176 shares in the last quarter. Castle Rock Wealth Management LLC raised its position in Freeport-McMoRan by 3.3% in the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after purchasing an additional 180 shares during the period. GW&K Investment Management LLC lifted its stake in shares of Freeport-McMoRan by 11.1% during the fourth quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock worth $93,000 after purchasing an additional 184 shares in the last quarter. Finally, Private Trust Co. NA lifted its stake in shares of Freeport-McMoRan by 6.7% during the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock worth $158,000 after purchasing an additional 195 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. HSBC boosted their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. BNP Paribas Exane raised their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Barclays started coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $67.81.

Freeport-McMoRan Trading Up 0.2%

Freeport-McMoRan stock opened at $68.80 on Friday. The firm has a market cap of $98.90 billion, a price-to-earnings ratio of 36.60, a price-to-earnings-growth ratio of 0.84 and a beta of 1.35. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The firm’s 50 day moving average price is $64.98 and its two-hundred day moving average price is $60.01. 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 posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $5.73 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. Freeport-McMoRan’s quarterly revenue was up 8.8% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. 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 payout ratio is currently 15.96%.

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.