Freeport-McMoRan Inc. $FCX Holdings Lessened by Mountaineer Partners Management LLC

Mountaineer Partners Management LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 9.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 266,327 shares of the natural resource company’s stock after selling 27,722 shares during the period. Freeport-McMoRan comprises 7.6% of Mountaineer Partners Management LLC’s investment portfolio, making the stock its 4th biggest holding. Mountaineer Partners Management LLC’s holdings in Freeport-McMoRan were worth $13,527,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV raised its stake in shares of Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after acquiring an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $8,857,000. Wellington Management Group LLP raised its stake in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares during the period. Dynamic Technology Lab Private Ltd raised its stake in shares of Freeport-McMoRan by 426.3% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after acquiring an additional 66,331 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. raised its stake in shares of Freeport-McMoRan by 175.4% in the 4th quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after acquiring an additional 878,760 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.2%

Shares of FCX stock opened at $68.28 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a market capitalization of $98.15 billion, a P/E ratio of 36.32, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. The company has a 50 day moving average price of $64.24 and a 200 day moving average price of $59.18. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.09.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FCX. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Raymond James Financial dropped their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday. Bank of America lifted their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Wells Fargo & Company dropped their price objective on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Freeport-McMoRan 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.