Ninety One UK Ltd Has $147.23 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Ninety One UK Ltd trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 9.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,458,601 shares of the natural resource company’s stock after selling 357,043 shares during the period. Ninety One UK Ltd owned 0.24% of Freeport-McMoRan worth $147,233,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Mraz Amerine & Associates Inc. increased its position in shares of Freeport-McMoRan by 5.9% in the fourth quarter. Mraz Amerine & Associates Inc. now owns 58,791 shares of the natural resource company’s stock worth $2,503,000 after purchasing an additional 3,294 shares during the period. Alpha Omega Wealth Management LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at about $200,000. Rakuten Securities Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $174,000. Guidance Capital Inc. boosted its position in shares of Freeport-McMoRan by 15.5% during the 4th quarter. Guidance Capital Inc. now owns 13,544 shares of the natural resource company’s stock worth $570,000 after acquiring an additional 1,815 shares in the last quarter. Finally, Quantum Private Wealth LLC lifted its stake in Freeport-McMoRan by 9.8% during the fourth quarter. Quantum Private Wealth LLC now owns 21,360 shares of the natural resource company’s stock worth $909,000 after purchasing an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.1 %

Shares of Freeport-McMoRan stock traded up $0.03 on Thursday, hitting $49.85. The company had a trading volume of 9,591,215 shares, compared to its average volume of 13,642,123. The stock has a 50 day moving average of $43.08 and a 200-day moving average of $39.75. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The stock has a market capitalization of $71.51 billion, a price-to-earnings ratio of 39.22, a P/E/G ratio of 2.23 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is presently 23.62%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCX shares. Raymond James lifted their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Scotiabank upped their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Hold” and an average price target of $47.54.

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.