DAVENPORT & Co LLC Has $8.11 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

DAVENPORT & Co LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 3.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,393 shares of the natural resource company’s stock after selling 7,314 shares during the period. DAVENPORT & Co LLC’s holdings in Freeport-McMoRan were worth $8,105,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FCX. Fairfield Bush & CO. acquired a new position in shares of Freeport-McMoRan in the first quarter worth approximately $26,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. KB Financial Partners LLC acquired a new position in Freeport-McMoRan during the first quarter worth $26,000. Retirement Group LLC grew its holdings in shares of Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after buying an additional 330 shares during the last quarter. Finally, Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $29,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 2.5 %

FCX opened at $49.61 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $49.75. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The stock has a market cap of $71.16 billion, a price-to-earnings ratio of 39.06 and a beta of 2.04. The firm’s fifty day moving average is $41.02 and its 200 day moving average is $38.88.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.04. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 23.62%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Eight Capital set a $55.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Wednesday, December 6th. UBS Group reduced their target price on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Wednesday, December 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Raymond James increased their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Finally, Morgan Stanley decreased their price objective on Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Thursday, December 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $44.95.

Get Our Latest Analysis on FCX

Freeport-McMoRan Profile

(Free Report)

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.

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

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