Fayez Sarofim & Co Sells 4,610 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fayez Sarofim & Co cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 8.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,246 shares of the natural resource company’s stock after selling 4,610 shares during the quarter. Fayez Sarofim & Co’s holdings in Freeport-McMoRan were worth $2,028,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Westside Investment Management Inc. grew its position in Freeport-McMoRan by 33.0% during the 3rd quarter. Westside Investment Management Inc. now owns 7,867 shares of the natural resource company’s stock valued at $373,000 after purchasing an additional 1,950 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in shares of Freeport-McMoRan by 5.0% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company’s stock valued at $514,000 after acquiring an additional 490 shares in the last quarter. World Investment Advisors LLC bought a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $246,000. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at $754,000. Finally, Tidal Investments LLC raised its stake in shares of Freeport-McMoRan by 6.2% in the third quarter. Tidal Investments LLC now owns 155,081 shares of the natural resource company’s stock worth $7,742,000 after purchasing an additional 8,995 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 0.1 %

Shares of Freeport-McMoRan stock opened at $32.93 on Tuesday. The business has a 50-day moving average price of $36.56 and a 200-day moving average price of $40.26. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. The firm has a market cap of $47.32 billion, a price-to-earnings ratio of 25.53, a PEG ratio of 0.87 and a beta of 1.71. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 23.26%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, April 4th. Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Finally, Scotiabank dropped their target price on Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, April 7th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $48.39.

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.