Faithward Advisors LLC Reduces Position in Freeport-McMoRan Inc. $FCX

Faithward Advisors LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 86.1% during the 4th quarter, HoldingsChannel reports. The fund owned 6,878 shares of the natural resource company’s stock after selling 42,667 shares during the quarter. Faithward Advisors LLC’s holdings in Freeport-McMoRan were worth $349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $38,000. Modus Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $40,000. Key Financial Inc boosted its stake in shares of Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Raymond James Financial dropped their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Citigroup dropped their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $67.31.

Freeport-McMoRan Stock Up 0.0%

Shares of FCX stock opened at $70.16 on Wednesday. The company has a market capitalization of $100.85 billion, a price-to-earnings ratio of 37.32, a PEG ratio of 0.86 and a beta of 1.35. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.09. The company’s fifty day moving average price is $64.59 and its 200-day moving average price is $59.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

About Freeport-McMoRan

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.