Alps Advisors Inc. Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Alps Advisors Inc. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 43.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,859 shares of the natural resource company’s stock after selling 6,031 shares during the quarter. Alps Advisors Inc.’s holdings in Freeport-McMoRan were worth $230,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.6% during the first quarter. Vanguard Group Inc. now owns 116,550,170 shares of the natural resource company’s stock worth $5,797,206,000 after buying an additional 1,808,548 shares in the last quarter. Fisher Asset Management LLC grew its position in Freeport-McMoRan by 3.9% during the first quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock worth $2,524,330,000 after buying an additional 1,897,056 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Freeport-McMoRan by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 11,446,463 shares of the natural resource company’s stock worth $569,436,000 after buying an additional 107,372 shares in the last quarter. Eubel Brady & Suttman Asset Management Inc. purchased a new position in Freeport-McMoRan during the first quarter worth about $7,657,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Freeport-McMoRan by 3.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,806,397 shares of the natural resource company’s stock worth $338,550,000 after purchasing an additional 222,261 shares during the last quarter. 77.38% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Ryan Michael Lance bought 31,000 shares of Freeport-McMoRan stock in a transaction on Monday, August 29th. The shares were purchased at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the acquisition, the director now owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.

Freeport-McMoRan Stock Up 0.5 %

Shares of NYSE:FCX opened at $38.04 on Thursday. Freeport-McMoRan Inc. has a 1 year low of $24.80 and a 1 year high of $51.99. The company has a market cap of $54.37 billion, a PE ratio of 14.46 and a beta of 1.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.56 and a quick ratio of 1.76. The stock’s 50-day moving average is $31.60 and its 200 day moving average is $32.11.

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its quarterly earnings results on Thursday, October 20th. The natural resource company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). Freeport-McMoRan had a net margin of 16.72% and a return on equity of 17.69%. The business had revenue of $5 billion for the quarter, compared to analysts’ expectations of $4.91 billion. During the same quarter in the prior year, the firm earned $0.89 EPS. The firm’s revenue for the quarter was down 17.8% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.33 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Friday, October 14th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, October 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.58%. Freeport-McMoRan’s dividend payout ratio (DPR) is 11.41%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. StockNews.com assumed coverage on Freeport-McMoRan in a research note on Wednesday, October 12th. They set a “hold” rating for the company. TheStreet lowered Freeport-McMoRan from a “b-” rating to a “c” rating in a research note on Thursday, October 20th. Scotiabank lowered Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $34.00 price target for the company. in a research note on Friday, November 11th. They noted that the move was a valuation call. Raymond James dropped their price target on Freeport-McMoRan from $40.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, October 21st. Finally, Barclays lowered their target price on Freeport-McMoRan to $23.00 in a research note on Thursday, October 20th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.07.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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