Graypoint LLC Sells 385 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Graypoint LLC lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 10,416 shares of the natural resource company’s stock after selling 385 shares during the period. Graypoint LLC’s holdings in Freeport-McMoRan were worth $397,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Acadian Asset Management LLC bought a new position in Freeport-McMoRan during the 2nd quarter valued at approximately $99,000. LPL Financial LLC lifted its stake in Freeport-McMoRan by 14.1% in the second quarter. LPL Financial LLC now owns 1,575,356 shares of the natural resource company’s stock worth $76,562,000 after acquiring an additional 195,108 shares during the period. Johnson Investment Counsel Inc. bought a new stake in Freeport-McMoRan in the second quarter valued at $239,000. Oppenheimer & Co. Inc. increased its position in Freeport-McMoRan by 6.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 212,302 shares of the natural resource company’s stock valued at $10,318,000 after purchasing an additional 12,058 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in Freeport-McMoRan in the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.9 %

NYSE:FCX opened at $38.99 on Friday. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24. The stock has a market cap of $56.03 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 2.90 and a beta of 1.87. The company’s 50 day moving average price is $41.96 and its 200-day moving average price is $44.62. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FCX shares. Jefferies Financial Group reduced their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Scotiabank decreased their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. Morgan Stanley dropped their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $52.96.

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.