Laird Norton Wetherby Wealth Management LLC Sells 2,942 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Laird Norton Wetherby Wealth Management LLC decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 9.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,968 shares of the natural resource company’s stock after selling 2,942 shares during the period. Laird Norton Wetherby Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,027,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FCX. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Freeport-McMoRan by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 160,920 shares of the natural resource company’s stock valued at $6,128,000 after acquiring an additional 2,503 shares during the last quarter. Czech National Bank boosted its position in shares of Freeport-McMoRan by 6.4% during the fourth quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock valued at $11,864,000 after buying an additional 18,852 shares during the period. City State Bank boosted its position in shares of Freeport-McMoRan by 1,282.0% during the fourth quarter. City State Bank now owns 1,382 shares of the natural resource company’s stock valued at $53,000 after buying an additional 1,282 shares during the period. Wedmont Private Capital boosted its position in shares of Freeport-McMoRan by 11.1% during the fourth quarter. Wedmont Private Capital now owns 16,726 shares of the natural resource company’s stock valued at $652,000 after buying an additional 1,665 shares during the period. Finally, Moody National Bank Trust Division purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $355,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of several recent analyst reports. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. UBS Group dropped their target price on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Finally, Raymond James restated an “outperform” rating and set a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.09.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.47 on Wednesday. The company has a 50 day moving average price of $36.35 and a 200-day moving average price of $39.07. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $55.24. The company has a market capitalization of $56.72 billion, a PE ratio of 30.60, a P/E/G ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Freeport-McMoRan’s revenue was down 9.4% compared to the same quarter last year. During the same period last year, the company posted $0.32 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.52%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s payout ratio is 24.79%.

Freeport-McMoRan Profile

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.