Parkside Investments LLC Decreases Stake in Freeport-McMoRan Inc. $FCX

Parkside Investments LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% during the fourth quarter, HoldingsChannel reports. The firm owned 211,822 shares of the natural resource company’s stock after selling 11,975 shares during the period. Freeport-McMoRan comprises 1.4% of Parkside Investments LLC’s holdings, making the stock its 22nd biggest position. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $10,758,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Wellington Management Group LLP lifted its holdings in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Freeport-McMoRan by 205.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock valued at $181,490,000 after purchasing an additional 2,813,845 shares in the last quarter. Amundi lifted its holdings in Freeport-McMoRan by 43.7% in the 3rd quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock valued at $282,991,000 after purchasing an additional 2,132,708 shares in the last quarter. Kirkoswald Asset Management LLC purchased a new position in Freeport-McMoRan in the 3rd quarter valued at $82,754,200,000. Finally, Schroder Investment Management Group lifted its holdings in Freeport-McMoRan by 87.6% in the 3rd quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company’s stock valued at $152,749,000 after purchasing an additional 1,921,792 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FCX shares. Citigroup decreased their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Scotiabank reduced their price target on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, April 24th. Stifel Nicolaus lifted their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Barclays started coverage on Freeport-McMoRan in a report on Thursday. They set an “overweight” rating and a $77.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.72.

Freeport-McMoRan Price Performance

FCX stock opened at $61.92 on Tuesday. The business has a fifty day moving average of $61.47 and a two-hundred day moving average of $56.62. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $89.01 billion, a price-to-earnings ratio of 32.94, a price-to-earnings-growth ratio of 0.75 and a beta of 1.32. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.