First City Capital Management Inc. Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

First City Capital Management Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,451 shares of the natural resource company’s stock after selling 275 shares during the period. First City Capital Management Inc.’s holdings in Freeport-McMoRan were worth $665,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FCX. Fisher Asset Management LLC raised its position in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Geode Capital Management LLC raised its position in Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after purchasing an additional 529,099 shares during the period. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after buying an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC grew its stake in shares of Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after buying an additional 11,687,982 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Freeport-McMoRan by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 11,028,452 shares of the natural resource company’s stock worth $536,038,000 after buying an additional 530,676 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX remained flat at $37.88 during trading on Friday. The stock had a trading volume of 4,629,986 shares, compared to its average volume of 6,639,386. The business’s 50-day moving average price is $42.82 and its 200-day moving average price is $45.07. The firm has a market capitalization of $54.43 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 3.00 and a beta of 1.86. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the firm earned $0.39 EPS. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current year.

Freeport-McMoRan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. This represents a $0.60 annualized dividend and a yield of 1.58%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analyst Ratings Changes

Several analysts have recently weighed in on FCX shares. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank cut their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Finally, Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $53.92.

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.