Brookstone Capital Management Sells 3,493 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Brookstone Capital Management decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,551 shares of the natural resource company’s stock after selling 3,493 shares during the period. Brookstone Capital Management’s holdings in Freeport-McMoRan were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Deane Retirement Strategies Inc. grew its position in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after acquiring an additional 201 shares during the period. Koshinski Asset Management Inc. grew its position in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after acquiring an additional 214 shares during the period. Trust Co. of Vermont lifted its stake in shares of Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after buying an additional 228 shares in the last quarter. Fidelis Capital Partners LLC lifted its stake in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after buying an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC lifted its stake in shares of Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after buying an additional 234 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE FCX opened at $40.27 on Friday. The firm’s 50-day moving average price is $41.25 and its 200-day moving average price is $44.31. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $57.86 billion, a price-to-earnings ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio is 21.90%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FCX. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank lowered their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Profile

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.