New Age Alpha Advisors LLC Sells 22,942 Shares of Freeport-McMoRan Inc. $FCX

New Age Alpha Advisors LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,324 shares of the natural resource company’s stock after selling 22,942 shares during the period. New Age Alpha Advisors LLC’s holdings in Freeport-McMoRan were worth $3,673,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $38,000. JPL Wealth Management LLC bought a new stake in Freeport-McMoRan in the third quarter valued at approximately $33,000. Laurel Wealth Advisors LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $43,000. YANKCOM Partnership boosted its holdings in Freeport-McMoRan by 83.3% in the fourth quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock valued at $44,000 after acquiring an additional 395 shares during the last quarter. Finally, Elyxium Wealth LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $45,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Raymond James Financial reduced their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. BNP Paribas Exane reduced their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Barclays assumed coverage on Freeport-McMoRan in a report on Thursday. They issued an “overweight” rating and a $77.00 target price on the stock. Sanford C. Bernstein reduced their target price on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a report on Friday, April 24th. Finally, Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $65.72.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $61.92 on Tuesday. The firm has a 50 day moving average of $61.47 and a 200-day moving average of $56.62. The company 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. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Freeport-McMoRan Company Profile

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.