Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Buffington Mohr McNeal

Buffington Mohr McNeal decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 19.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 108,805 shares of the natural resource company’s stock after selling 26,593 shares during the quarter. Buffington Mohr McNeal’s holdings in Freeport-McMoRan were worth $4,632,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. CM Management LLC boosted its position in Freeport-McMoRan by 80.0% during the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after purchasing an additional 102,466 shares during the period. Cadinha & Co. LLC boosted its position in Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after purchasing an additional 240,340 shares during the period. Alphinity Investment Management Pty Ltd raised its stake in Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC raised its stake in Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after acquiring an additional 20,894 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded down $0.70 during mid-day trading on Tuesday, reaching $49.32. The company had a trading volume of 11,202,036 shares, compared to its average volume of 13,548,896. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock has a market cap of $70.75 billion, a PE ratio of 39.39, a P/E/G ratio of 2.24 and a beta of 2.04. The company has a 50-day moving average price of $42.69 and a two-hundred day moving average price of $39.59. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.22%. Freeport-McMoRan’s dividend payout ratio is 23.62%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FCX. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Raymond James boosted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, Scotiabank boosted their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $46.71.

About Freeport-McMoRan

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.