Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Graham Capital Management L.P.

Graham Capital Management L.P. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 24.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,584 shares of the natural resource company’s stock after selling 14,620 shares during the period. Graham Capital Management L.P.’s holdings in Freeport-McMoRan were worth $1,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock valued at $4,692,191,000 after acquiring an additional 642,776 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after acquiring an additional 5,735,171 shares during the period. Geode Capital Management LLC lifted its stake in Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after acquiring an additional 688,240 shares during the period. Franklin Resources Inc. lifted its stake in Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock valued at $1,123,445,000 after acquiring an additional 2,191,926 shares during the period. Finally, Capital World Investors lifted its stake in Freeport-McMoRan by 3.2% during the 4th quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company’s stock valued at $916,037,000 after acquiring an additional 750,500 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on FCX. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. UBS Group decreased their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Wolfe Research raised 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 report on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.09.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $37.76 on Monday. The firm has a market cap of $54.26 billion, a PE ratio of 29.27, a PEG ratio of 0.87 and a beta of 1.65. The firm has a fifty day moving average of $36.29 and a 200 day moving average of $39.12. 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 one year low of $27.66 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during 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%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.59%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s payout ratio is presently 24.79%.

Freeport-McMoRan Company 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.