Bay Colony Advisory Group Inc d b a Bay Colony Advisors Sells 700 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,201 shares of the natural resource company’s stock after selling 700 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Freeport-McMoRan were worth $221,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Aire Advisors LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $213,000. Capital Advisors Inc. OK grew its holdings in shares of Freeport-McMoRan by 2.4% during the fourth quarter. Capital Advisors Inc. OK now owns 747,486 shares of the natural resource company’s stock worth $31,820,000 after purchasing an additional 17,696 shares in the last quarter. Crumly & Associates Inc. grew its holdings in shares of Freeport-McMoRan by 15.5% during the fourth quarter. Crumly & Associates Inc. now owns 12,326 shares of the natural resource company’s stock worth $525,000 after purchasing an additional 1,653 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $3,691,000. Finally, Graypoint LLC grew its holdings in shares of Freeport-McMoRan by 21.8% during the fourth quarter. Graypoint LLC now owns 10,029 shares of the natural resource company’s stock worth $427,000 after purchasing an additional 1,794 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $49.41 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The stock has a 50 day moving average price of $42.87 and a two-hundred day moving average price of $39.68. The company has a market capitalization of $70.87 billion, a P/E ratio of 38.91, a PEG ratio of 2.26 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.21%. Freeport-McMoRan’s payout ratio is currently 23.62%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 9th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Scotiabank boosted their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. Finally, Raymond James boosted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $46.71.

About Freeport-McMoRan

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.