Metis Global Partners LLC Sells 13,635 Shares of Freeport-McMoRan Inc. $FCX

Metis Global Partners LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,525 shares of the natural resource company’s stock after selling 13,635 shares during the quarter. Metis Global Partners LLC’s holdings in Freeport-McMoRan were worth $7,899,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Brighton Jones LLC increased its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $560,000. Brown Advisory Inc. raised its position in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares during the period. Finally, Jump Financial LLC raised its position in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after purchasing an additional 14,992 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.2%

Shares of FCX opened at $62.18 on Thursday. The business’s 50 day moving average is $63.95 and its 200 day moving average is $58.80. The company has a market capitalization of $89.39 billion, a PE ratio of 33.08, a price-to-earnings-growth ratio of 0.77 and a beta of 1.35. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.09. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

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

Freeport-McMoRan Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FCX shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. CICC Research decreased their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday. Finally, BNP Paribas Exane decreased their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $66.72.

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.