Artemis Investment Management LLP Sells 355,650 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Artemis Investment Management LLP reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 58.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 256,395 shares of the natural resource company’s stock after selling 355,650 shares during the quarter. Artemis Investment Management LLP’s holdings in Freeport-McMoRan were worth $9,764,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of FCX. Deane Retirement Strategies Inc. boosted its stake in shares of Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. boosted its holdings in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont lifted its position in Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC boosted its holdings in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC grew its position in Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE:FCX opened at $40.27 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24. The firm’s 50-day simple moving average is $41.25 and its 200-day simple moving average is $44.27. The company has a market cap of $57.86 billion, a price-to-earnings ratio of 29.39, a PEG ratio of 2.13 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the firm earned $0.39 EPS. The business’s revenue was up 16.6% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.46 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analysts Set New Price Targets

FCX has been the subject of a number of recent analyst reports. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Jefferies Financial Group lowered their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $52.42.

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.