Freeport-McMoRan Inc. (NYSE:FCX) Holdings Lowered by Quadrature Capital Ltd

Quadrature Capital Ltd trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 39.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,553 shares of the natural resource company’s stock after selling 75,194 shares during the period. Quadrature Capital Ltd’s holdings in Freeport-McMoRan were worth $4,832,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FCX. Belpointe Asset Management LLC lifted its stake in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares in the last quarter. Oaktree Capital Management LP lifted its stake in Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after acquiring an additional 211,608 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares in the last quarter. Signature Estate & Investment Advisors LLC lifted its stake in Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares in the last quarter. Finally, Cadinha & Co. LLC lifted its stake in Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after acquiring an additional 240,340 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $47.69 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The firm has a market cap of $68.51 billion, a price-to-earnings ratio of 42.20, a P/E/G ratio of 2.10 and a beta of 1.96. The business’s 50-day simple moving average is $50.71 and its 200-day simple moving average is $44.51. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the sale, the chief executive officer now owns 3,652,478 shares in the company, valued at approximately $185,472,832.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock valued at $22,755,070 in the last 90 days. 0.79% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FCX shares. Bernstein Bank increased their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Scotiabank raised their price target on Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. Raymond James raised their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.47.

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.