Headlands Technologies LLC Sells 1,184 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Headlands Technologies LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 26.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,328 shares of the natural resource company’s stock after selling 1,184 shares during the period. Headlands Technologies LLC’s holdings in Freeport-McMoRan were worth $142,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FCX. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. BluePath Capital Management LLC bought a new stake in Freeport-McMoRan in the third quarter valued at approximately $28,000. Webster Bank N. A. raised its holdings in Freeport-McMoRan by 6,469.2% in the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares during the period. CVA Family Office LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth $38,000. Finally, Orion Capital Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FCX shares. HSBC lifted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Argus increased their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Finally, Bernstein Bank boosted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.07.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $52.41 on Tuesday. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $75.18 billion, a P/E ratio of 46.38, a P/E/G ratio of 8.18 and a beta of 2.04. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The stock has a 50 day moving average of $44.97 and a 200-day moving average of $40.51.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

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.